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Wed May 16, 2012, 02:17 PM


Oil Falls To 6-Month Low Near $92 On US Supplies Surge [View all]

Associated Press

(AP) - Oil prices dropped to fresh six-month lows near $92 a barrel Wednesday after a report showed U.S. crude supplies surged more than expected last week.

By early afternoon in Europe, benchmark oil for June delivery was down $1.31 to $92.67 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it fell as low as $91.81, the lowest since November. On Tuesday, the contract fell 80 cents to settle at $93.98 in New York.

In London, Brent crude for June delivery was down 77 cents at $111.47 per barrel at ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories rose 6.6 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted an increase of 1.5 million barrels.

Inventories of gasoline fell 2.6 million barrels last week while distillates tumbled 1.6 million barrels, the API said.



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