The government's Petroleum Inventory reported gasoline supplies rose 2.3 million barrels in the latest week, the third straight week of big increases. While less than last week's big jump, the number exceeded both analysts' estimates and a much smaller estimate from the American Petroleum Institute's separate survey, put out Tuesday afternoon, which had caused prices to firm back above $70. That enthusiasm faded after the government numbers came out, with the complex turning lower on the day.
The government's estimate of crude oil stocks fell by 3.7 million barrels, in between the API and industry guesses, but remains above five year highs for this time of year.
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