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Crude oil stockpile down 1 million barrels

Dec. 20, 2012 at 8:43 AM   |   Comments

WASHINGTON, Dec. 20 (UPI) -- U.S. crude oil inventories and prices at gas stations fell last week, the U.S. Energy Information Administration said.

The agency said inventories declined by 1 million barrels to 371.6 million barrels. Supplies of crude oil remain well above the upper limit of the average range for this time of year, the agency said in a report issued late Wednesday.

The national average price of gasoline at the pump fell by 9.5 cents in the week to $3.254 per gallon.

The current average price is 2.5 cents more than the price in the same week of 2011, the agency said.

The EIA said supplies of distillate fuels, which include home heating oil, fell by 1.1 million barrels to 117 million barrels. Inventories of distillate fuels, however, "remain well below" the lower limit of the average range, the agency said.

Stockpiles of gasoline rose by 2.2 million barrels to 219.3 million barrels this week, holding above the upper limit of the average range for this time of year.

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