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U.S. oil inventories fell but still relatively high

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Staff Writer | August 18, 2016
Oil and gasoline inventories fell last week, new government data showed Wednesday. However, inventories remain relatively high by historical standards.
U.S. oil inventories
Oil exploration   According to the U.S. Energy Information Administration
For the week ended August 12, U.S. crude oil inventories dropped 2.5 million barrels compared to the previous week. This according to data released by the U.S. Energy Information Administration.

Still, even with the decrease, inventories are currently sitting at 521.1 million barrels, a level the EIA says is historically high for this time of year.

Gasoline inventories were down 2.7 million barrels for the week. But as with oil, the total stockpile level is relatively high. The EIA points out that gasoline inventories are above the upper limit of its average range.

Distillate fuel inventories were up for the week, climbing by 1.9 million barrels compared to the previous week.