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U.S. oil supplies down in week

Washington -- U.S. crude oil inventories dropped by 1.5 million barrels in the week ending Dec. 25, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell for the third consecutive week, dropping from 327.5 million barrels to 326 million barrels, but remain near the upper limit of the average range for this time of year.

Gasoline inventories fell by 300,000 barrels to 216 million barrels and held above the upper limit of the average range.

Supplies of distillate fuels, which includes heating oil, dropped by 2 million barrels to 159.3 million barrels.

Stockpiles of finished gasoline and gasoline blending components fell during the week, the administration reported.

On a four-week rolling average, the demand for motor gasoline rose 1.1 percent over the same period a year ago. Demand for distillate fuel is down 2.8 percent, while jet fuel demand is up 3.7 percent compared with a rolling average over four weeks a year ago, the administration said.

Copyright 2009 by United Press International.

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