Crude Eases on Rising Inventories

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Oil prices fell by almost $1 a barrel Wednesday after the U.S. government released data that showed domestic supplies of oil, gasoline and distillate fuel rose last week.


In its weekly petroleum supply report, the U.S. Energy Department said inventories of crude oil increased by 1.1 million barrels to 328.5 million barrels, or 8 percent above year-ago levels.


Light sweet crude for August delivery declined by 94 cents to settle at $57.26 a barrel on the New York Mercantile Exchange. Gasoline futures fell by 4.03 cents to $1.5845 per gallon, while heating oil futures declined by 1.88 cent to $1.6016 per gallon. In London, Brent crude futures for August delivery slipped $1 to settle at $56.20 a barrel on the International Petroleum Exchange.


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