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Oil Prices Lower On Increased Inventory

NEW YORK, (UPI) — Crude oil prices fell below $90 a barrel, the lowest in seven months, Wednesday on the New York Mercantile Exchange.

Weekly data shows U.S. stockpiles at 382.5 million barrels, a 22-year high, analysts said. The weak euro also played a factor depressing oil prices.

West Texas Intermediate crude for July delivery was down $1.95, or 2.1 percent to $89.90 per barrel. Natural gas for June delivery was up 3 cents to $2.737 per million British thermal units.

Home heating oil was down 3.15 cents to $2.8299 per gallon.

Gasoline futures were down 4.70 cents to $2.890 per gallon.

At the pump, the national average price of unleaded gasoline fell to $3.678 per gallon from Monday’s $3.68, AAA said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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