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Oil Prices Drop to 3.1% Overnight on Inventory News
David Hope
Mar 10, 2011, 09:01

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Oil prices dropped sharply overnight in New York, shedding 3.1 percent to nearly $102 per barrel. Civil unrest in Libya has sent oil prices higher over supply concerns, but U.S. stockpiles have remained high.

The Energy Information Administration said Wednesday U.S crude oil inventories added 2.5 million barrels in the week ending March 4, to a reserve of 348.9 million barrels.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for April delivery lost $2.31 from an overnight high to $101.76 per barrel. Home heating oil prices shed 5.11 cents to $3.0196 per gallon. Reformulated blendstock gasoline prices lost 4.06 cents to $2.986 per gallon.

Henry Hub natural gas prices lost 7.1 cents to $3.859 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.529 per gallon from Wednesday's $3.524, AAA said.

Source: UPI

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