Oil Prices Fall as U.S. Heating Fuel Supplies Rise

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Crude oil futures prices fell Wednesday after the government reported substantial increases in gasoline and heating oil inventories.


The Energy Information Administration reported Wednesday that supplies of distillate fuel grew by 2 million barrels last week to 121.1 million barrels. While this was a much higher increase than many analysts expected, it still leaves inventories 11 percent below year-ago levels.


Light sweet crude for February delivery fell 63 cents to $43.28 per barrel in morning trade on the New York Mercantile Exchange. Brent crude was down 42 cents at $40.62 a barrel on London’s International Petroleum Exchange.

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