Energy futures drop
Thursday, 01 May 2008

HTML clipboardAP, NEW YORK -- Energy futures are down sharply after the government's report that crude oil and distillate fuel inventories rose more than expected last week.

The Energy Department said crude oil inventories rose by 3.8 million barrels. That's more than double the increase analysts had expected.

Meanwhile, inventories of distillates, which include heating oil and diesel fuel rose more than seven times the expected increase.

As a result, light, sweet crude for June delivery is down $1.13 at $114.50 a barrel on the New York Mercantile Exchange. But investors shrugged off a larger than expected decline in gasoline inventories

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