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US oil inventories down slightly
AFP
WASHINGTON
Petroleumworld.com 03 29 07US inventories of crude oil and refined products dipped over the past week, with closely watched reserves of gasoline showing a smaller drawdown than expected, goverment data showed Wednesday.
Crude inventories fell by 900,000 barrels to 328.4 million in the week to March 23, the Department of Energy said. That compared with a market forecast of an increase of 2.3 million barrels.
The DoE's weekly report showed that gasoline reserves fell by 300,000 barrels to 210.2 million, against a forecasted drop of 2.1 million barrels. This figure has been closely watched as demand increases for the US summer season,
Distillate inventories, which include heating oil and diesel, fell by 700,000 barrels to 118 million, against a forecast of a decline of 1.4 million barrels.
The inventories remain above their averages for this time of year, officials said.
Refinery output increased to 87 percent of capacity from 86.3 percent a week earlier.
New York crude oil futures prices rose 1.58 dollars to 64.51 dollars a barrel in the wake of the government report.
AFP 28 1638 GMT 03 07
Copyright© 2007 AFP. All Rights Reserved.
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