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Oil fell as U.S. inventories climbed to a 11-month high and Iran’s envoy in Moscow said his country is considering a Russian proposal to halt the expansion of its nuclear program.
Futures dropped as much as 0.4 percent after the Energy Department reported that U.S. supplies rose 3.98 million barrels to 373 million last week as output climbed to a 12-year high. Ambassador Mahmoud-Reza Sajjadi said Iran will maintain its right to produce atomic power.
U.S. crude oil production grew 70,000 barrels to 6.11 million barrels a day last week, the highest level since November 1999, the report showed.
Gasoline inventories dropped 2.24 million barrels to 211.7 million last week, the department said. Supplies of distillate fuel, a category that includes heating oil and diesel, decreased 3.05 million barrels to 125.9 million.
Crude oil for June delivery fell to $103.11 a barrel on the New York Mercantile Exchange after release of the report. Prices are up 4.6 percent this year.
Brent oil for June settlement dropped 2 cents to $118.14 a barrel on the London-based ICE Futures Europe exchange.
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