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NEW YORK — Oil prices are sharply lower after the government said the nation’s fuel and oil supplies were larger than expected last week.
Light, sweet crude for August delivery is down $4.10 at $132.90 a barrel on the New York Mercantile Exchange.
The Energy Department said crude oil inventories rose last week.
Analysts had expected supplies to fall.
Gasoline supplies fell, while analysts expected them to rise.
And demand for gas fell 2.1 percent.
The weekly inventory report tends to trigger volatile trading in oil futures, especially since prices have risen to record levels near $140.
