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Oil extended declines after a U.S. government report showed an unexpected increase in inventories.
Supplies (DOESCRUD) rose 2.21 million barrels last week to 329.7 million, the Energy Department said today. Inventories were forecast to decline 1 million barrels, according to the median of 13 analyst estimates in a Bloomberg News survey.
Crude oil for February delivery fell $1.19, or 1.2 percent, to $102.03 a barrel at 11:07 a.m. on the New York Mercantile Exchange. Oil traded at $102.69 before the release of the report at 11 a.m. in Washington, a day later than usual because of the New Year’s Day holiday. It reached an intraday low of $101.95 after the report was released.
Inventories of gasoline and distillates also rose. Gasoline inventories rose 2.48 million barrels to 220.2 million, and distillates added 3.22 million to 143.6 million.
Oil also fell as rising borrowing costs in France raised concern that Europe will struggle to contain the debt crisis.
France sold benchmark 10-year bonds at an average yield of 3.29 percent, up from 3.18 percent in a sale on Dec. 1.
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