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Oil futures pared gains after the Energy Department said gasoline stockpiles increased more than twice as much as expected last week.
Gasoline inventories climbed 2.08 million barrels last week as refineries raised their production levels to a five-year high, Energy Department data showed. Stockpiles were forecast to gain 1 million barrels. Crude inventories fell less than expected.
Gasoline stockpiles increased to 204.8 million barrels in the week ended June 22, the highest level since the period through May 4, the Energy Department reported.
Refineries raised their utilization rate to 92.6 percent, up from the previous week’s 91.9 percent and the highest level since July 2007, the report showed.
Oil rose as much as 2 percent earlier after the Commerce Department reported orders for durable goods climbed more than forecast in May. More Americans than forecast signed contracts to purchase previously owned homes in May, the National Association of Realtors reported.
Durable goods bookings rose 1.1 percent, the first increase in three months, the Commerce Department reported.
Crude oil for August delivery advanced to $80.92 a barrel on the New York Mercantile Exchange.
Brent oil for August settlement increased 23 cents to $93.25 a barrel on the London-based ICE Futures Europe exchange, after surging 2.2 percent yesterday.
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