Oil Prices Take Biggest Drop Since August

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Crude oil prices fell almost $5 a barrel Wednesday, the biggest one-day drop since August, Bloomberg reported.

Benchmark light, sweet oil futures fell $4.94 to $104.48 a barrel, from Tuesday’s closing price of $109.42 on the New York Mercantile Exchange, Bloomberg said.

Crude inventories gained 135,000 barrels last week, less than economists’ forecasts, Bloomberg said. Gasoline inventories fell by 3.5 million barrels, which was the first downturn in 19 weeks.

Distillate stockpiles, which include diesel fuel, dropped by 2.9 million barrels, DOE said in its weekly report.

Crude oil has closed at or above $100 a barrel every trading day for the past four weeks, according to Bloomberg Nymex figures.