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U.S. oil supplies drop sharply

Jan. 15, 2014 at 3:28 PM

WASHINGTON, Jan. 15 (UPI) -- U.S. crude oil supplies fell sharply in the week ending Friday, dropping by 7.7 million barrels to 350.2 million, the Energy Information Administration said.

Inventories remain near the upper limit of the average range for this time of year, the agency said in Wednesday's report.

The EIA said supplies of motor-grade gasoline supplies rose by 6.2 million barrels to 225 million barrels and are in the middle of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, fell by 1 million barrels to 124 million and are below the lower limit of the average range for this time of year.

The national average retail price of regular unleaded gasoline fell in the week by 0.5 cent to $3.327 per gallon. The price is 2.4 cents per gallon over the price in the same week of 2013, the EIA said.

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