Oil companies and other industry-related companies Transocean (NYSE:RIG), PDC Energy (NASDAQ:PETD), Continental Resources (NYSE:CLR), TransAtlantic Petroleum (NYSE:TAT) and Enterprise Products Partners (NYSE:EPD) all closed down Wednesday as oil prices took a breather.
Oil prices dropped after a government report showed that inventories are growing as demand softens in the U.S. Benchmark crude for June delivery was down $1.81 to settle at $109.24 a barrel on the New York Mercantile Exchange.
In other NYMEX trading for June contracts, heating oil fell 4.78 cents to settle at $3.143 a gallon, gasoline futures lost 0.69 cent to $3.3225 a gallon and natural gas was lower by 9.4 cents to $4.644 per 1,000 cubic feet.
The U.S. dollar index shrunk 0.15 percent to $73.01, down from Tuesday's 73.127 close. The dollar index has fallen 7.5 percent so far in 2011.
Continental Resources (CLR) closed Wednesday at $62.89, falling $2.97, or 4.51 percent.
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