Crude oil supplies down in week

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WASHINGTON, Aug. 15 (UPI) -- U.S. crude oil inventories dropped by 3.7 million barrels in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories fell to 366.2 million barrels. Supplies of crude oil, however, remain above the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, rose by 700,000 barrels to 124.2 million barrels with inventories below the lower limit of the average range.

Stockpiles of gasoline fell by 2.4 million barrels to 203.7 million barrels in the current week.

Inventories of finished gasoline and blending components decreased in the week, the agency said.

The national average price of gasoline rose by 7.6 cents in the week to $3.721 per gallon, the sixth consecutive weekly increase.

The current average price is 11.7 cents above the same week of 2011, the agency said.