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Oil rises slightly after sharp drop-off

Benchmark U.S. crude added $1.24 cents to $79.44 per barrel in late morning trading in New York.

By CHRIS KAHN
The Associated Press

6/22/2012

NEW YORK  — The price of oil is up slightly following a sharp, two-day drop to the lowest level since October.

Benchmark U.S. crude added $1.24 cents to $79.44 per barrel in late morning trading in New York, though it's still down more than 6 percent for the week. Brent crude added $1.21 to $90.44 per barrel in London.

Oil prices had tumbled this week on signs of a weakening economy combined with disappointment over the Federal Reserve's efforts to stimulate consumer spending. A production boom in North America also has helped boost U.S. supplies to the highest levels in 22 years.

The drop in oil has helped push U.S. gasoline prices lower this week. The national average fell nearly 2 cents overnight to $3.454 per gallon (91 cents a liter).

The Trucker staff can be reached for comment at editor@thetrucker.com.

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