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Oil supplies remain high in week

Oct. 24, 2012 at 8:53 PM   |   Comments

WASHINGTON, Oct. 24 (UPI) -- U.S. crude oil inventories rose by 5.9 million barrels last week, the U.S. Energy Information Administration said.

The agency said inventories climbed to 375.1 million barrels. Supplies of crude oil remain above the upper limit of the average range for this time of year, the agency said in the Wednesday report.

Supplies of distillate fuels, which include home heating oil, fell by 700,000 barrels to 118 million barrels, with inventories holding below the lower limit of the average range.

Stockpiles of gasoline rose by 1.4 million barrels to 198.6 million barrels this week, remaining near the lower half of the average range.

The national average price of gasoline dropped by 13.2 cents to $3.687 per gallon.

The current average price is 22.5 cents more than the price in same week of 2011, the agency said.

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