Oil gave up early morning gains as Light Sweet Crude futures for delivery in January slipped to $70.27 a barrel, down over two bucks. The decline reversed a rise to $73 and change this morning, prompted by a report late yesterday by the American Petroleum Institute showed U.S. supplies had unexpectedly dropped to an eight-week low. But this morning the U.S. Department of Energy said U.S. stockpiles of gasoline rose 2.25 million barrels to 216.3 million.
Oil equities were mixed, with ExxonMobil (XOM) down 71 cents, or 1%, at $72.24, ConocoPhillips (COP) up four cents at $49.98, and Chevron (CVX) down 37 cents, or half a percent, at $76.39.
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