Crude prices decline as inventories rise more than expected

08:46, April 22, 2010      

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Oil prices declined on the New York market on Wednesday after the U.S. government said oil and gas supplies grew more than expected last week.

U.S. crude oil inventories rose 1.9 million barrels last week, against the forecast for a slight drop, the Energy Information Administration oil inventory data showed.

Distillate and gasoline stockpiles increased more than expected last week.

A strong dollar also dragged down crude prices. The euro fell for the fifth day against the greenback due to the ongoing uncertainty about Greece's debt crisis.

Light, sweet crude for June delivery gave up 17 cents to settle at 83.68 U.S. dollars a barrel on the New York Mercantile Exchange. In London, Brent crude added 90 cents to settle at 85.70 dollars a barrel on the ICE futures exchange.



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