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Oil Prices Fall to About $87 a Barrel

Oil prices dropped to about $87 a barrel on Thursday, the lowest in six weeks, after a report showed an increase in U.S. supplies of gasoline and distillates, according to the Associated Press.

The market also was buoyed by a rise of crude supplies at a key U.S. terminal.

Traders shrugged off news like OPEC's decision to keep production levels steady and a big drop in overall U.S. crude stockpiles and took profits before prices fell further.

Posted by Peter C. T. Elsworth  at 9:51 AM to Crude oil market | Permalink

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