Oil Prices Fall Below $48 on Data

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Crude oil prices shed more than $1 to below $48 a barrel Wednesday after government data showed U.S. crude stocks rose a larger-than-expected 4.3 million barrels, the 13th increase in 14 weeks.


Light, sweet crude futures for June delivery fell $1.17 to $47.80 a barrel in midday trading on the New York Mercantile Exchange. Heating oil slipped nearly a cent to $1.3640 a gallon, while gasoline fell 1.5 cents to $1.4200 a gallon. On London’s International Petroleum Exchange, July Brent contracts dropped 80 cents to $48.54 a barrel.


The U.S. Department of Energy’s midweek inventory data reported U.S. crude oil inventories rose to 334 million barrels in the week ending May 13 from the previous week. That is up 34 million barrels from a year ago.


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