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Oil Imports Rise: Imports of both oil and petroleum...

June 15, 1989

Oil Imports Rise: Imports of both oil and petroleum products increased by 9% in May, helping ease a domestic production crunch as demand for gasoline increased 2% over a year ago, the American Petroleum Institute reported. Gasoline output increased 1.4% in May over levels in the comparable month a year ago. But stocks of crude oil unexpectedly dropped 2.9 million barrels last week to 341.94 million barrels, the API reported. That sent prices for crude oil futures sharply higher Wednesday, with July contracts for West Texas Intermediate closing up 89 cents per barrel at $20.23.

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