Oil Falls 1.4% As Selling Intensifies In Last Hour

Oil Falls 1.4% As Selling Intensifies In Last Hour
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Oil Falls 1.4% As Selling Intensifies In Last Hour

Crude-oil futures ended sharply lower Thursday after a sharp increase in weekly oil inventories caught traders by surprise.

Crude for February delivery CL2G -1.80% lost $1.41, or 1.4%, to end at $101.81 a barrel on the New York Mercantile Exchange.

The Energy Information Administration earlier reported an increase of 2.2 million in oil supplies for the week ended Dec. 30, whereas markets were expected a decrease around 450,000 barrels.

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