March-delivery light, sweet crude oil prices Wednesday dropped under $98 per barrel overnight in advance of a U.S. inventory report.
West Texas Intermediate crude lost $1.13 to $97.87 per barrel as negotiations over Greek debt failed to resolve difference between Athens and creditors. At stake is Greece debt obligations that come due March 20. Without a deal with creditors, the European Union has said it will not offer Greece the next disbursement of its international bailout.
Equities on Wall Street fell flat Monday and Tuesday, as traders are treading cautiously until the matter is resolved.
A milder than expected winter in the Northeast has added to the oil market's uncertainty.
On the New York Mercantile Exchange, home heating oil shed 1.66 cents to $2.9985 per gallon. Reformulated blendstock gasoline added 0.07 cents to $2.8112 per gallon. Henry Hub natural gas prices added 7.4 cents to $2.628 per million British thermal units.
At the pump, the national average price of unleaded gasoline fell to $3.379 per gallon from Tuesday's $3.381, AAA said.