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Crude prices drop on ample fuel inventories

Updated:2009-07-23 11:16:59

Oil prices dropped on Wednesday after a five-session rally as U.S. gasoline and distillates inventories increased for another week, indicating the demand for fuel was still quite weak.

According to the U.S. Energy Department's Energy Information Administration (EIA), gasoline inventories climbed for the sixth-straight week while distillates, including diesel and heating oil, rose to their highest level since 1985. Both showed that consumers had been cutting their energy use due to the economic recession.

Meanwhile, some investors began to sell the contract to lock in profits after five straight gains supported by improving company results, which also exerted downward pressure on the price of oil.

Light, sweet crude for September delivery fell 21 cents to settle at 65.40 dollars a barrel on the New York Mercantile Exchange. London Brent for September delivery rose 36 cents to 67.23 dollars a barrel on the ICE Futures exchange.  

 

Source:http://news.xinhuanet.com

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