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Oil Prices Fall on Supply Report

By PABLO GORONDI

Oil prices fell further Thursday after dropping by more than a dollar in the previous session on larger-than-expected increases in U.S. crude and gasoline supplies.

Prices were still not far from Tuesday's record close of $100.88 a barrel as the U.S. dollar traded at fresh lows against the euro. Worries about the American economy is driving more money into energy futures as a hedge against inflation.

The report by the U.S. Energy Department's Energy Information Administration showed that country's crude oil inventories rose by 3.2 million barrels, or 1 percent, to 308.5 million barrels.

Although that number is slightly lower than levels a year ago, it is well ahead of the 2.4 million barrel gain analysts had been expecting, according to a survey by Dow Jones Newswires. It was the seventh straight week the report showed a rise in crude inventories, suggesting the U.S. at least has more than enough oil to meet demand.

Light, sweet crude for April delivery lost 39 cents to $99.25 a barrel in electronic trading on the New York Mercantile Exchange, midday in Europe.

The contract fell $1.24 to settle at $99.64 a barrel Wednesday after surging as high as $102.08 a barrel, a trading record. On Tuesday, the contract jumped $1.65 to settle at a record $100.88 a barrel.

In London, Brent crude fell 7 cents to $98.20 a barrel on the ICE Futures exchange.

The EIA data showed gasoline inventories also jumped more than expected — by 2.3 million barrels to 232.6 million barrels; analysts had expected a more modest rise of 400,000 barrels. Refinery activity also increased much more than expected.

The weakening U.S. dollar also helped prop up prices. The 15-nation euro jumped to a record $1.51 against the greenback, meaning that crude remains a relative bargain for buyers overseas. Gold — another commodity seen as a hedge against inflation — also struck a record Wednesday.

In his testimony to the U.S. Congress Wednesday, Federal Reserve Chairman Ben Bernanke warned of sluggish business growth ahead, and signaled a willingness by the central bank to cut interest rates again. But Bernanke also noted that the Fed must keep a close watch on inflation given the sharp rise in energy prices and other costs.

Heating oil futures lost 1.16 cents to $2.7595 a gallon (3.8 liters) while gasoline futures dropped 1.32 cents to $2.4645 a gallon.

Natural gas futures rose 4.5 cents to $9.105 per 1,000 cubic feet.

Associated Press writer Gillian Wong in Singapore contributed to this report.

Oil Prices Fall on Supply Report

By PABLO GORONDI

Oil prices fell further Thursday after dropping by more than a dollar in the previous session on larger-than-expected increases in U.S. crude and gasoline supplies.

Prices were still not far from Tuesday's record close of $100.88 a barrel as the U.S. dollar traded at fresh lows against the euro. Worries about the American economy is driving more money into energy futures as a hedge against inflation.

The report by the U.S. Energy Department's Energy Information Administration showed that country's crude oil inventories rose by 3.2 million barrels, or 1 percent, to 308.5 million barrels.

Although that number is slightly lower than levels a year ago, it is well ahead of the 2.4 million barrel gain analysts had been expecting, according to a survey by Dow Jones Newswires. It was the seventh straight week the report showed a rise in crude inventories, suggesting the U.S. at least has more than enough oil to meet demand.

Light, sweet crude for April delivery lost 39 cents to $99.25 a barrel in electronic trading on the New York Mercantile Exchange, midday in Europe.

The contract fell $1.24 to settle at $99.64 a barrel Wednesday after surging as high as $102.08 a barrel, a trading record. On Tuesday, the contract jumped $1.65 to settle at a record $100.88 a barrel.

In London, Brent crude fell 7 cents to $98.20 a barrel on the ICE Futures exchange.

The EIA data showed gasoline inventories also jumped more than expected — by 2.3 million barrels to 232.6 million barrels; analysts had expected a more modest rise of 400,000 barrels. Refinery activity also increased much more than expected.

The weakening U.S. dollar also helped prop up prices. The 15-nation euro jumped to a record $1.51 against the greenback, meaning that crude remains a relative bargain for buyers overseas. Gold — another commodity seen as a hedge against inflation — also struck a record Wednesday.

In his testimony to the U.S. Congress Wednesday, Federal Reserve Chairman Ben Bernanke warned of sluggish business growth ahead, and signaled a willingness by the central bank to cut interest rates again. But Bernanke also noted that the Fed must keep a close watch on inflation given the sharp rise in energy prices and other costs.

Heating oil futures lost 1.16 cents to $2.7595 a gallon (3.8 liters) while gasoline futures dropped 1.32 cents to $2.4645 a gallon.

Natural gas futures rose 4.5 cents to $9.105 per 1,000 cubic feet.

Associated Press writer Gillian Wong in Singapore contributed to this report.