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Oil prices drop on inventory increase
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08:27, June 05, 2008

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Crude futures plunged Wednesday morning after the U.S. Energy Department's weekly report showing arise in the inventories of gasoline and distillate fuels.

Light, sweet crude for July delivery dropped 1.91 U.S. dollars to 122.40 dollars a barrel as of 11:04 EST (1504 GMT) on the New York Mercantile Exchange.


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