Street Wire: Oil Prices Fall in Wednesday Trading

Oil prices slipped 40 cents to $76.54 a barrel in Wednesday morning trading, paring early losses after the Federal Reserve said industrial production rose 1.2% rise in May, the largest increase since August of 2009. The wider energy sector came under pressure as BP (BP) executives prepared to meet with President Barack Obama over the Gulf oil spill. The president's address on the Gulf oil spill was met with widespread criticism.