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Crude oil prices drop on inventory report

Oct. 9, 2013 at 3:58 PM   |   Comments

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NEW YORK, Oct. 9 (UPI) -- Crude oil prices dropped 2 percent Wednesday, sliding under $102 per barrel after an inventory report showed growing stockpiles.

The Energy Information Administration said crude oil supplies rose by 6.8 million barrels in the week ending Saturday to 370.5 million barrels.

Stockpiles are above the average range for this time of year, EIA said.

In New York, West Texas Intermediate crude oil gave up 2.05 percent or $2.12 to reach $101.37 per barrel.

Traders also contemplated Federal Reserve Vice Chairman Janet Yellen, who President Obama picked to succeed Chairman Ben Bernanke next year. She is considered favorable by investors who wish the Fed to continue its accommodating monetary policy while the recovery remains sluggish.

On the New York Mercantile Exchange, reformulated blendstock gasoline prices lost 1.16 cents to $2.619 per gallon. Home heating oil shed 2.22 cents to $3.0103 per gallon. Natural gas was dropped 2 cents to reach $3.70 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.354 per gallon from Tuesday's $3.349, AAA's Daily Fuel Gauge Report said.

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