Oil storage increases help lower gas prices

A government report that indicates oil storage is on the rise across the country drove the price of oil down 6.6 percent Wednesday.

West Texas Intermediate crude closed at $50.42 a barrel, down from $53.98.

Domestic storage levels excluding the Strategic Petroleum Reserve increased by nearly 11 million barrels to 482 million barrels last week, and are at their highest level for this time of year in at least 80 years, according to NewsOK.com, which cited a U.S. Energy Information Agency report.   

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