U.S. oil stocks rose 1.2% last week; futures retreat on news.
September 29, 2004: 10:48 AM EDT
NEW YORK (CNN/Money) - United States crude oil inventories rose by 3.4 million barrels last week, the government reported Wednesday.
Oil inventories rose by 1.2 percent to 272.9 million barrels in the week ended Sept. 24, the Energy Information Administration (EIA) reported.
Following the EIA report, released at 10:30 a.m. ET, U.S. light crude for November delivery fell on the New York Mercantile exchange. It was down 80 cents to $49.10 a barrel.
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