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BANGKOK, Thailand (AP) -- Oil prices fell Thursday in Asia, extending a decline from the previous session that came after an unexpected increase in U.S. crude oil inventories.
Light, sweet crude for November delivery fell 13 cents to $79.81 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The Nymex crude contract fell 11 cents to settle at $79.94 a barrel in Wednesday's floor session. Crude oil futures have fallen four straight days after trading at near record levels last week.
The weekly inventory report from the U.S. Energy Department's Energy Information Administration was mixed, analysts said.
Crude oil supplies unexpectedly rose in the week ended Sept. 28. Gasoline and distillate inventories unexpectedly fell.
And while the drop in gasoline supplies is supportive, demand for the fuel is falling, and that will pressure gasoline prices and crude futures down the road, analysts said.
The EIA said in its report that crude supplies rose 1.2 million barrels last week. Analysts surveyed by Dow Jones Newswires, on average, had |
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