Oil Prices Plunge on Inventory Report

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Oil prices dropped by more than $1 a barrel Wednesday after the government released data that showed crude oil and gasoline supplies on the rise.


Light, sweet crude for May delivery fell $1.51 to $50.35 a barrel in afternoon trade on the New York Mercantile Exchange. On the International Petroleum Exchange in London, Brent crude was down $1.15 to $50.83 a barrel.


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