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Oil prices slide to 8-month low
Wednesday, June 20, 2012 20:38
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NEW YORK (CNNMoney) — The price of oil sunk to its lowest level since October following an unexpected rise in U.S. commercial crude inventories.
Oil for July delivery ended the day down 3%, or $2.23, at $81.80 a barrel, after the U.S. Energy Information Administration reported an increase of 2.9 million barrels in the week ended June 16. A Platts survey of analysts anticipated a 600,000-barrel decline.
Analysts attribute the increase to a slowdown in demand and volatility in oil supplies.
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