NEW YORK -- NYMEX crude prices suffered a major blow Wednesday when weekly inventory reports showed across-the-board gains during the past week.

January crude fell more than $3 per barrel after the Energy Department showed higher supplies of crude, gasoline and heating oil.

A lack of supply disruptions overseas was seen as pressuring oil prices as was a fairly moderate winter in the United States and increased OPEC production.

January crude settled a whopping $3.64 lower at $45.49 per barrel, the lowest level in around two months.

Heating oil tumbled nearly 9 cents to $1.329 per gallon while gasoline settled more than 8 cents lower at just over $1.201 per gallon.

The rug was pulled out by the U.S. Energy Information Administration's weekly inventory report, which showed a 900,000-barrel increase in crude supplies and an equally important build in heating oil.

Copyright 2004 by United Press International