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Wednesday, September 23, 2009
Oil Declines on Increased Inventory
By Darryl R. Isherwood
FOXBusiness
Crude oil prices fell Wednesday on data showing inventories well above analysts’ expectations.
The Energy Inventory Administration reported crude inventory increased of 2.8 million barrels, while gasoline inventories rose by 5.4 million barrels. Gas demand is at its weakest level in nearly eight months.
The report sent light sweet crude for November delivery plummeting more than $3.00 per barrel to $68.72.
Oil company stocks like Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP) also dropped in early trading alongside the broader market.
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