Oil Prices Fall on Unexpected Inventory Gain

Bloomberg reports that crude oil plunged after U.S. supplies increased unexpectedly.

The market news is quoted as saying:

Crude oil for September delivery fell $1.50, or 1.5 percent, to $98.09 a barrel at 12:15 p.m. on the New York Mercantile Exchange. Prices have climbed 27 percent in the past year.

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