Crude Futures Slip Despite Oil Inventory Drop

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Oil prices fell Thursday, despite U.S. government data showing declining domestic inventories of oil, as traders kept close watch on gasoline stocks ahead of the summer driving season.


Light, sweet crude for delivery on the New York Mercantile Exchange fell 57 cents to $53.46 a barrel in electronic trading by afternoon in Europe as the market switched over to the June contract. Unleaded gasoline prices fell more than a cent at $1.5700 per gallon, while heating oil for May delivery fell nearly a cent to $1.4991 per gallon. Brent crude for June delivery fell 45 cents to $53.33 per barrel on the International Petroleum Exchange in London.


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