Oil Below $45 as Gasoline Prices Slide
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Oil prices were dragged down today by heavy losses on U.S. gasoline as summer driving demand failed to meet expectations.
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NEW YORK Oil prices have skidded below 48 dollars a barrel after the US government reported increases in the nation&#39;s supply of crude oil and distillate fuel, which includes heating oil.
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Oil prices tumbled to an 11-week low  below $44 a barrel on Thursday, deepening a dramatic slide  after an increase in U.S. heating oil stocks triggered heavy  selling from big-money speculative funds.
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Crude oil prices plunged below US$44 a barrel in New York today, after government data showed US petroleum stocks rose across the board last week.
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Oil prices fell sharply to $45 on  Tuesday, extending losses to a third day as a more optimistic  Iraq export picture helped unwind some of the supply worries  that have lifted the market to historic levels.
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The average price for a gallon of gasoline in the United States fell below $3 due to less demand and slightly lower oil prices, and was likely to hold steady, according to an industry analyst.
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Oil prices dropped sharply Monday, falling below $42 US per barrel, as last week&#39;s selloff continued despite sabotage of Iraqi oil infrastructure that curbed exports.
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Oil prices fell on Monday to a 7-week low under $47 a barrel, as growing fuel stocks in the United States eased fears of a winter supply crunch despite a cold snap in North America at the weekend.
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Oil prices eased back below $59 a barrel as investors focused on U.S. fuel data due later on Wednesday that is expected to show a rise in gasoline stocks in the world's top consumer.
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Oil prices fell below $69 a barrel Tuesday amid expectations that U.S. fuel inventory data will again show a rise in crude and gasoline stocks.
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Oil prices held near $45 on Wednesday  after the U.S. government said that crude stocks shrank to a  five-month low last week as refineries ran hard to meet demand.
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Oil prices traded below $42 a barrel Wednesday following a U.S. government report that commercially available supplies of crude oil and distillates, which include heating oil, shrank last week.
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Oil prices fell below $48 US a barrel Wednesday after the US government reported increases in the US supply of crude oil and distillate fuel, which includes heating oil.
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U.S. retail gasoline prices fell to  the lowest level in four weeks and the cost of diesel fuel  declined for the second week in a row, the Energy Department  said on Monday.
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The recent drop in prices at the pump could pick up steam, driving gasoline sharply lower in coming months, USA Today reported Wednesday.
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U.S. oil prices slid below &#36;46 on Tuesday, marking the third successive session of falls as Iraqi exports returned to near normal, although supply uncertainties kept the market close to historic levels.
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U.S. oil prices hovered just below &#36;50 a barrel on Tuesday, holding recent gains on a rash of crude supply outages and fears over thin heating oil tanks.