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Oil stockpile rises in week

Nov. 8, 2012 at 12:31 PM

WASHINGTON, Nov. 8 (UPI) -- U.S. crude oil inventories rose by 1.8 million barrels last week, the U.S. Energy Information Administration said.

The agency said inventories climbed to 374.8 million barrels. Supplies of crude oil are above the upper limit of the average range for this time of year, the agency said Wednesday.

Supplies of distillate fuels, which include home heating oil, also rose -- increasing by 100,000 barrels to 118.1 million barrels. Inventories of distillate fuels, however, are "well below" the lower limit of the average range, the agency said.

Stockpiles of gasoline rose by 2.9 million barrels to 202.4 million barrels this week, in the middle of the average range.

The national average price of gasoline dropped for the fourth consecutive week, declining by 7.6 cents to $3.492 per gallon.

The current average price is 6.8 cents more than the price in same week of 2011, the agency said.

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