NY oil prices fall 1.25% on strong dollar, gasoline inventories rise

New York oil prices fell as U.S. gasoline inventories rose more than expected despite the dollar's strength.

West Texas Intermediate crude for February delivery, a near-month basis, closed at $73.32 a barrel, down $0.93 or 1.25% from the previous session on the New York Mercantile Exchange, turning lower in a single day.

Brent crude oil for March delivery, which is subject to international market comparisons, was priced at $76.16, down $0.89, or 1.15%, from the previous session.

U.S. gasoline inventories were tallied at 237.7 million barrels as of the 3rd, up 6.3 million barrels from the previous week, more than four times more than the market forecast.

Energy experts forecast that a larger increase in gasoline inventories in the U.S., a huge energy consumption market, in the coming weeks would be a cause for concern for New York oil prices.