Oil futures dropped below $49 per barrel Wednesday after the U.S. government said the nation’s oil supply grew.

Light sweet crude for March delivery fell as much as 3.3 percent, or $1.63, to $48.01 per barrel before settling at $48.25.

Brent crude for March delivery on the International Petroleum Exchange in London was down $1.06 at $45.90 a barrel after hitting a three-month peak earlier of $47.

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