Crude oil prices dropped over $2 a barrel after a government report showed that US petrol reserves have increased.
Concern that gasoline supplies would not be able to meet demand during the summer holiday months has been one of the factors underpinning record prices.
New York light crude futures slipped $2.33, or 3.1%, to $72.28 per barrel on the NYMEX.
Meanwhile, London's main contract Brent crude slid $1.99 to $72.65 per barrel in the ICE.
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Crude Price Declined More Than $2
Crude oil prices have tumbled by more than $2 a barrel
