Crude Prices Fall on High Gas Supply

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Crude oil prices fell slightly Thursday, extending losses from a day earlier, when the Department of Energy reported an unexpected increase in U.S. gasoline supplies, the Associated Press reports.

Comments from Federal Reserve Chairman Ben Bernanke, who said Thursday that oil demand has been decreasing, also caused traders to sell.


Light sweet crude for August delivery – which expires later Thursday – on the New York Mercantile Exchange fell 26 cents to $72.40 in late-morning trading. On Wednesday, August crude had dropped sharply, briefly dipping below $72 a barrel.


Read the full Associated Press story

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