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Oil tumbles, gas prices at record levels

NEW YORK -- Oil prices fell sharply Thursday after the Energy Department reported unexpected declines in crude oil and gasoline supplies last week, but said the drop in crude inventories was due to temporary delays in unloading oil tankers along the Gulf Coast. according to the Associated Press.

A stronger dollar and concerns about gas demand also weighed on prices.

Retail gas prices, meanwhile, rose to a new record above $3.95 a gallon.

Light, sweet crude for July delivery fell $4.23 to $126.80 a barrel on the New York Mercantile Exchange, their lowest level since early last week.

Posted by Peter C. T. Elsworth  at 3:02 PM to Crude oil market , Gas prices | Permalink

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