The price of crude oil dropped more than two percent in New York trading Wednesday, falling to the lowest level in about a month.
The price of a barrel of crude oil for future delivery was off nearly $2 and went as low as $73.83.
The decline came as a government report said the total supply of crude oil and refined fuels in the United States was more than 1.1 billion barrels, the highest level in at least two decades.
An abundant supply of petroleum products generally pushes prices downward.
Some information for this report was provided by AP, AFP and Reuters.