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U.S. gasoline futures down over 3 pct on EIA build

Published 08/03/2011, 10:51 AM
Updated 08/03/2011, 10:56 AM

NEW YORK, Aug 3 (Reuters) - U.S. gasoline futures extended their losses on Wednesday, dropping more than 3 percent after government data showed gasoline stockpiles rose 1.7 million barrels last week, much more than had been expected.

On the New York Mercantile Exchange, RBOB gasoline for September delivery was down 9.03 cents, or 2.97 percent, at $2.947 per gallon after dropping to a session low of $2.94 for a loss of 9.73 cents, or 3.2 percent. It was the lowest front-month RBOB price since July 6's intraday low of $2.9440.

A Reuters poll ahead of the data forecast that gasoline stocks rose by only 100,000 barrels last week. [EIA/S] (Reporting by Gene Ramos; Editing by John Picinich)

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