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Oil prices fell on Wednesday amid data showing a build-up in U.S. gasoline supplies
 London, 13th Jun 2001

   Oil prices fell on Wednesday amid data showing a build-up in U.S. gasoline supplies, but a heavy drain on crude stocks. International benchmark Brent blend crude for July delivery last traded 14 cents lower at $29.32 a barrel while Nymex July crude stood at 28.88, falling 30 cents. Prices had climbed at the start of the session amid a report that U.S. crude stocks had posted their third largest weekly decline since at least 1984, but later fell as traders took into account mitigating circumstances and rising gasoline stocks. Gasoline futures slumped 2.21 cents to 87.30 cents a gallon, very near levels last seen only in mid-march, well before the start of the peak usage summertime driving season.

Weekly inventory data from the industry group American Petroleum Institute (API) showed U.S. Crude stocks falling 13.2 million barrels to 312.2 million barrels. The U.S. Energy Information Administration (EIA) reported slightly more moderate figures, with an 8.2 million barrel drop in crude stocks. The larger-than-expected falls were attributed to a delay in tanker loadings caused by bad weather at a major crude oil import terminal in Louisiana, indicating the drop was a short-term phenomenon that would quickly correct itself. Traders also noted that U.S. crude stocks are still around 17 million barrels above last year's lean levels. Gasoline stocks rose around six million barrels, according to the reports, putting supplies between seven and 12 million barrels up on last year's lowly levels and further calming concerns of a potential shortage and price spike this summer.

Source: SPA©

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