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Oil prices fell to below $96 a barrel Wednesday as analysts saw limited production disruptions even as Hurricane Isaac made landfall into New Orleans overnight, Bloomberg reported.
Crude futures fell 84 cents to finish the trading day at at as $95.49 a barrel after closing Tuesday at $96.33, the highest New York Mercantile Exchange closing price in a week, Bloomberg said.
Also Wednesday, the Department of Energy said in its weekly inventory report that crude supplies rose last week by 3.8 million barrels, compared with the 1.5 million-barrel downturn forecasted by analysts, Bloomberg reported.
Gasoline inventories fell 1.5 million barrels, in line with forecasts, while distillates, which include diesel, rose by almost 1 million barrels, more than the 200,000-barrel increase forecast, Bloomberg said.