NEW YORK — The price of oil fell Wednesday, as a drop in metals commodities overflowed to crude markets and stocks retreated.
Benchmark crude for April delivery lost $1.88, or 2 percent, to finish at $95.22 a barrel on the New York Mercantile Exchange. The March contract, which expires Wednesday, fell $2.20 to end at $94.46 per barrel.
Brent crude, used to price many international varieties of oil imported by US refineries, fell $1.92 to finish at $115.60 a barrel in London.
Gold and other precious metals tumbled in Wednesday trading, and oil was dragged down by the commodities sell-off. Gold was down about $26, around 2 percent, to $1,578 an ounce. Silver and platinum lost about 3 percent.
Oil prices were undercut by analysts’ expectations for higher US crude supplies when the Energy Department’s Energy Information Administration releases its weekly inventory report on Thursday.