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Crude fell for a second day after a government report showed gasoline supplies climbed to a nine- month high as demand weakened.
Prices dropped as much as 0.6 percent as the Energy Department said gasoline stockpiles rose to 223.1 million last week and inventories of heating oil and diesel also increased. President Barack Obama summoned congressional leaders to a meeting three days before a year-end deadline to avoid $600 billion in spending cuts and tax increases, collectively known as the fiscal cliff.
West Texas Intermediate oil for February delivery fell to $90.32 a barrel on the New York Mercantile Exchange. Prices have gained 2.2 percent this week. Oil traded at $91.24 a barrel before the release of the report at 11 a.m. in Washington, two days later than usual because of the Christmas holiday.
Brent oil for February settlement slid 66 cents, or 0.6 percent, to $110.14 a barrel on the London-based ICE Futures Europe. The number of contracts trading was 45 percent lower than the 100-day average. The European benchmark crude was at a premium of $19.53 to WTI.
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