Update: Oil Prices Drop After Energy Report Shows Rise in Inventories

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Oil prices slid on Thursday after a bigger-than-expected rise in U.S. fuel inventories eased fears of a winter squeeze.


Light, sweet crude for February delivery settled down 64 cents at $46.91 a barrel on the New York Mercantile Exchange, building this week’s losses to nearly $1.50. On the International Petroleum Exchange, Brent crude for March delivery slipped by 39 cents to $44.32 per barrel.


U.S. commercial crude inventories rose last week by 3.4 million barrels to 292.2 million barrels, about 8 percent above year-ago levels, as refineries slowed for seasonal maintenance, the Energy Information Administration reported late Wednesday.

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