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NEW YORK (AP) - Crude-oil prices slipped below $63 a barrel Wednesday after the U.S. government reported that crude stocks fell slightly in the last week, but gasoline inventories increased sharply.
Relatively mild winter weather in the United States contributed to the bearish sentiment Wednesday, along with the lack of major new developments on the volatile political front with Iran, the Organization of Petroleum Exporting Countries' second-largest oil producer.
Light, sweet crude for March delivery fell 54 cents to settle at $62.55 a barrel on the New York Mercantile Exchange. The contract had fallen $2.02 on Tuesday to settle at $63.09 a barrel. In London, Brent crude fell 50 cents to settle at $61.06 per barrel on the ICE Futures exchange.
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