Oil prices surged on Wednesday, a development traders and analysts pinned on a large draw on gasoline inventories in the US. Data from the US Energy Information Administration (EIA) show US gasoline stocks dropped 3.3 million barrels for the week ended Jul. 29, ending at 238.2 million bbl (related). "People are realizing that even if there's a decline from peak demand, gasoline demand is still going to be really strong and keeping up with it is going to be ugly come refinery maintenance season," said Carl Larry of Frost & Sullivan.
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