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Crude oil futures extended losses after the U.S. Energy Department said stockpiles increased to a 22-year high.
Inventories of crude oil rose 2.21 million barrels to 384.7 million, a 10th consecutive weekly increase, the department said. Supplies were forecast to grow 1 million barrels.
Oil also fell on speculation that slowing U.S. economic growth and Europe’s debt crisis will reduce fuel demand. More Americans applied for jobless benefits last week, ADP said companies added fewer positions than expected in May and the economy expanded less than estimated.
Crude oil for July delivery fell to $85.86 a barrel on the New York Mercantile Exchange.
Brent oil for July settlement decreased $2.02, or 2 percent, to $101.45 a barrel on the London-based ICE Futures Europe exchange. Prices have dropped 15 percent this month, the most since December 2008.
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