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Crude oil inventories for the latest week showed an increase of 0.25 million barrels, which was below the average forecast of 1.5 million barrels. In spite of the smaller-than-expected increase, however, crude oil inventories remain well above their historical average for this time of year, or any other time of year for that matter.

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In terms of gasoline, inventories saw an increase of 1.699 million barrels, even as the consensus forecast was for a decline of 1.5 million barrels. This ended a streak of seven straight weeks where gasoline stockpiles declined, and with gasoline inventories now more above average than they have been at any point since Feb. 1.

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Source: Crude Inventories Rise Less Than Expected, But Gas Inventories Rise