Oil inventory little changed in week

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WASHINGTON, Oct. 3 (UPI) -- U.S. crude oil inventories fell by 500,000 barrels in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories dropped to 364.7 million barrels. Supplies of crude oil remain above the upper limit of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, fell by 3.7 million barrels to 124.1 million barrels with inventories near the lower limit of the average range.

Stockpiles of gasoline rose by 100,000 barrels to 195.9 million barrels in the current week, as supplies remained in the lower half of the average range.

Inventories of finished gasoline increased, while blending components fell in the week, the agency said.

After rising for 11 consecutive weeks, the national average price of gasoline fell for the second consecutive week, dropping by 2.2 cents to $3.804 per gallon in the week.

The current average price is 37.1 cents more than the same week of 2011, the agency said.