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Oil prices rise on wholesale stockpiles and sales

Benchmark crude is up 74 cents to $93.13 per barrel in New York morning trading.

The Associated Press

10/10/2012

NEW YORK — The price of oil is rising Wednesday after the government reported U.S. wholesalers' sales rose for the first time in four months.

Benchmark crude is up 74 cents to $93.13 per barrel in New York morning trading.

The Commerce Dept. said Wednesday that U.S. wholesalers increased their stockpiles by 0.5 percent in August after a 0.6 percent increase in July. Sales increased by their biggest margin since February.

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Companies typically boost their stockpiles when they anticipate sales will rise in coming months. Faster restocking helps drive economic growth, which would be a boon for oil prices. When businesses order more goods, it generally leads to more factory production.

The national average for a gallon of regular gasoline stayed at $3.81.

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