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Oil falls below $99 per barrel

The Energy Information Administration says that U.S. oil supplies rose by 3.9 million barrels last week. Analysts expected supplies to shrink.

By CHRIS KAHN
The Associated Press

12/29/2011

NEW YORK — Oil prices are sliding after the government reported that crude supplies grew unexpectedly last week.

Benchmark U.S. crude fell by 73 cents Thursday to $98.63 per barrel in New York. Brent crude fell by 50 cents to $107.06 per barrel in London.

The Energy Information Administration says that U.S. oil supplies rose by 3.9 million barrels last week. Analysts expected supplies to shrink. The weekly report also says that U.S. oil demand has dropped by 7.8 percent from the same time last year. Gasoline demand has declined by 5.6 percent.

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At the pump, retail gasoline prices rose by about a penny to a national average of $3.254 per gallon.

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