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Oil prices jump on cut in gasoline stocks

Oil prices jumped today after U.S. gasoline stocks fell far more than expected ahead of the busy summer months in the world's top consumer, according to Reuters.
U.S. crude was up 64 cents at $62.54 a barrel in morning trade. Gasoline stocks fell 5.5 million barrels last week compared to 1.4 million barrels predicted in a Reuters poll. Crude stocks climbed 700,000 barrels against a forecast 1.5 million barrel rise, the Energy Information Administration data showed.

Posted by   at 12:10 PM to Oil | Permalink

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