Oil Falls Below $76 on Higher Inventories

Oil prices dropped by more than a dollar in European trading as a report showed US crude inventories are growing. It is also expected that a pipeline running through the mid-west that had been closed for repairs will soon be ready to reopen. The benchmark crude for October delivery was down $1.11 at $75.69 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 39 cents to settle at $76.80 on Tuesday.

Source: The Associated Press

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