Oil inventory drops in week

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WASHINGTON, Jan. 17 (UPI) -- U.S. crude oil inventories fell by 1 million barrels last week, the U.S. Energy Information Administration said.

The agency said inventories dropped to 360.3 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 EIA said supplies of distillate fuels, which include home heating oil, rose by 1.7 million barrels to 132.4 million barrels. Inventories of distillate fuels, however, remain near the lower limit of the average range, the agency said.

Stockpiles of gasoline rose by 1.9 million barrels to 235 million barrels this week, holding well above the upper limit of the average range for this time of year.

In the week ending Monday, the national average price for a gallon of unleaded gasoline rose for the fourth consecutive week, climbing to $3.303 per gallon, up a 0.4 cent from the previous week. The average price is 8.8 cents below the same week a year earlier, the EIA said.