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Crude oil supplies rise in week

March 15, 2012 at 3:18 PM   |   Comments

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WASHINGTON, March 15 (UPI) -- U.S. crude oil inventories rose by 1.8 million barrels in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories rose to 347.5 million barrels in the latest report. Supplies are in the upper limit for the average range for this time of year, the agency said.

Supplies of distillate fuels -- which include home heating oil -- fell by 4.7 million barrels in the week to 134.8 million barrels and are in the middle of the average range for this time of year, the EIA said.

Gasoline inventories dropped 1.4 million barrels to 228.1 million barrels and are in the upper limit of the average range for this time of year.

Inventories of finished gasoline fell while supplies of blending components were unchanged, the agency said.

The EIA said the national average price of regular gasoline increased for the seventh consecutive week, climbing by 3.6 cents in the week to $3.29 per gallon, 26.2 cents above the same week a year earlier.

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