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• Mar 19, 2008 11:53 am US/Eastern
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  Oil Drops Sharply After Weak Demand Reports

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Oil Drops Sharply After Weak Demand Reports

NEW YORK (AP) ― Oil prices have headed sharply lower after the government's latest report on supplies suggested that high fuel prices are hurting demand.

The demand portion of the report has overshadowed data showing that supplies of oil grew less than expected last week, while gasoline and heating oil supplies fell.

The Energy Department says overall consumption of oil and its products fell by 3.2 percent over the last four weeks compared to the same period last year. Demand for gasoline fell by 1 percent over the same period.

Light, sweet crude for April delivery fell $4.46 to $104.96 a barrel on the New York Mercantile Exchange.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)