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Crude fell after the U.S. government reported a larger-than-expected supply gain amid speculation a slowing European economy may reduce demand.
Prices dropped as much as 1.7 percent after the Energy Department said oil inventories rose 3.86 million barrels to 369 million last week. Supplies were forecast to grow 1.8 million barrels. Refinery utilization was 84.6 percent.
Oil inventories are at the highest level since the week ended May 27, the department report showed. The industry-funded American Petroleum Institute reported yesterday that oil supplies rose 3.41 million barrels to 369.3 million last week.
Petroleum demand fell 0.7 percent to 18.9 million barrels a day, according to the data. It was down 2.1 percent from the year earlier.
Crude for May delivery slid to $102.46 a barrel on the New York Mercantile Exchange. Prices have risen 3.8 percent this year.
Brent for June settlement fell $1.89, or 1.6 percent, to $116.89 a barrel on the London-based ICE Futures Europe exchange.
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