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Oil retreated after the U.S. Energy Department reported that inventories climbed as fuel consumption dropped to the lowest level in almost 13 years.
Futures slipped from the day’s highs after the department said crude supplies rose 304,000 barrels to 339.2 million in the week ended Feb. 3. Gasoline stockpiles increased to the highest level in almost a year and inventories of distillate fuels unexpectedly gained. Total fuel demand fell 0.5 percent to 17.6 million barrels a day, the lowest level since 1999.
Crude oil for March delivery slipped to $98.17 a barrel on the New York Mercantile Exchange. The contract traded at $99.77 a barrel before release of the inventory report at 10:30 a.m.
Brent oil for March settlement dropped 1 cent to $116.22 a barrel on the London-based ICE Futures Europe exchange.
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