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Oil fell as U.S. crude supplies rose to the highest level in almost 22 years and Greece’s struggle to form a government bolstered concern that Europe’s debt crisis will spread.
Futures dropped as much as 1.9 percent after the Energy Department said stockpiles climbed 3.65 million barrels to 379.5 million, the most since August 1990. Inventories were forecast to advance 2 million barrels, according to the median of analyst estimates. Equities slipped and the euro weakened after weekend elections in Greece.
Crude oil for June delivery fell to $95.17 a barrel on the New York Mercantile Exchange. The price has slipped 9.3 percent in six days.
Brent oil for June settlement dropped 26 cents to $112.47 a barrel on the London-based ICE Futures Europe exchange.
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