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Crude inventories fall again; gasoline stockpiles rise

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Crude oil stockpiles fell for the fourth consecutive week, declining by nearly 2 million barrels last week, the Energy Department reported Wednesday.

Gasoline inventories, however, rose 2 million barrel last week.  Both crude and gasoline stockpiles remain at historically high levels.

Demand, meanwhile, remains strong. Over the past month, average gasoline consumption reached 9.4 million barrels a day, up nearly 4 percent compared to the same period a year ago. Demand for all petroleum products, included crude, rose nearly 3 percent, to an average of 20 million barrels a day.

Crude was trading in New York at $45.20 a barrel, up 53 cents, at 9:45 a.m. Central. Hopes of potential OPEC deal for freezing production in late fall also buoyed prices.

Tags: oil, crude, energy, gasoline

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