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NEW YORK (AP) - Oil prices fell Wednesday as weekly inventory data encouraged traders to take profits.
The federal Energy Information Administration reported that U.S. crude stocks fell by 300,000 barrels to 320.7 million barrels last week even as refinery utilization dropped.
With inventories standing 30 million barrels higher than a year ago, traders shrugged off the modest draw. Instead, they focused on another hefty build in gasoline stocks, which swelled by 4.3 million barrels to 223.3 million barrels, up from 219.5 million barrels a year ago.
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