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VIENNA, Austria (AP) -- Oil prices rose Thursday after hitting eight-week lows in the previous session on news of increased U.S. stockpiles. The U.S. Energy Department reported that crude inventories rose 1.9 million barrels to 337.1 million barrels last week, sending light sweet crude down 31 cents to $69.26 a barrel.
The weekly report also said gasoline supplies fell by 5.7 million barrels, nearly 3 percent, to 196.2 million barrels. U.S. refineries lowered production last week by 0.2 percentage points compared to the previous week, running at 91.6 percent of total capacity.
But easing concerns about oil-related damage from Hurricane Dean contributed to a ceiling Thursday on prices.
By midday in Europe, light, sweet crude for October delivery was up by 42 cents, selling for $69.68 a barrel in electronic trading on the New York Mercantile Exchange. October Brent crude rose 25 cents to $68.95 a barrel on the ICE Futures exchange in London.
Traders were also monitoring Hurricane Dean, which hit the Mexican mainland for a second time Wednesday after striking oil platforms in the Gulf and forcing thousands to flee.
Dean made landfall Wednesday near the port of Tecolutla in Veracruz state on the central Gulf coast as a Category 2 hurricane with maximum sustained winds |
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