Price Of Oil Dips Below $75 A Barrel

Increase in gasoline inventories relieves some summer demand worries.

The price of oil dipped below $75 a barrel Thursday, a day after reaching a record $75.40.

The pullback came after the U.S. Department of Energy's weekly inventory report, showing the supply of gasoline rose by 700,000 barrels to 213.1 million barrels last week. Inventories of crude oil went down 2.4 million barrels to 341.3 million barrels, 3.6 percent above last year.

Despite the slight drop in the price of oil, high demand for motor-fuel is expected to keep crude and gasoline prices high. Demand for gasoline has increased 1.4 percent to 9.5 million barrels in the last four weeks.

U.S. crude was down 39 cents to $74.80 a barrel.
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