Rally Fizzles as Oil Prices Fall

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Oil prices fell for the third straight day on Wednesday, slipping below $53 a barrel after a rally that was sparked by a drop in supplies fizzled and brokers locked in profits from a recent runup.


The U.S. Department of Energy released its weekly supply snapshot, which showed crude oil inventories fell last week by 3 million barrels to 330.8 million barrels. Gasoline inventories fell by 100,000 barrels to 216.6 million barrels. The supply of distillate fuel, which includes diesel, heating oil and jet fuel, grew by 1.3 million barrels to 107.7 million barrels.


July light sweet crude fell $1.22 to settle at $52.54 a barrel on Nymex. July heating oil futures fell by 4.8 cents to $1.497 per gallon, while gasoline futures dropped by 1.82 cent to $1.4975 per gallon.


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