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Weak gasoline demand, rising oil supplies sink oil prices below $84 per barrel
NEW YORK (AP) ' Oil is sliding after the government reported weak fuel demand in the U.S. and an unexpectedly large increase in supply.
Benchmark crude fell $1.11 to $83.34 per barrel in New York, while Brent crude lost 49 cents at $106.65 in London.
Prices had risen sharply earlier this week, but they fell again when the Energy Department said supplies grew by 1.9 million barrels last week. Analysts expected oil supplies to remain unchanged. The government's weekly report also said that gasoline demand dropped 2.4 percent from the same time last year.
At the pump, gasoline prices fell 1.4 cents to a national average of $3.465 per gallon on Wednesday. Prices have dipped below $3 per gallon in some cities, including St. Louis, Mo.