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Crude oil supplies, gas prices up in week

Washington-- U.S. crude oil inventories rose by 2 million barrels in the week ending June 18, the U.S. Energy Information Administration said Wednesday.

The agency said crude inventories increased to 366.1 million barrels during the week with supplies remaining above the upper limit of the average range for this time of year.

Gasoline inventories for the week fell by 800,000 barrels to 217.6 million barrels. Stockpiles of gasoline are also above the upper limit of the average range.

Supplies of distillate fuels, which include heating oil, rose by 300,000 barrels to 155.1 million barrels.

Inventories of finished gasoline rose, while gasoline blending components fell during the week, the energy agency reported.

Using a four-week rolling average, demand for motor gasoline, averaging 9.2 million barrels per day, rose 0.8 percent from a year ago, while demand for distillate fuel, at 3.9 million barrels per day, rose 12.8 percent from a year ago.

Demand for jet fuel is 0.8 percent higher than a year ago, the EIA said.
The national average retail price for gasoline increased 4.2 cents from a week ago and 5.2 cents from a year ago on June 21 with an average price of $2.743 per gallon, the report said.

Copyright 2010 United Press International

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