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Mexico siphoning off excess U.S. gasoline supply

The U.S. has quietly been increasing exports of gasoline to record levels, and that is one factor that could be helping reduce the nation's oil glut on the margin.

Last week, the U.S. exported about 5.7 million barrels of gasoline, possibly a record. The 811,000 barrels a day reported is nearly twice the amount exported at the same time last year and almost a third more than was exported a week earlier, according to the U.S. Energy Information Administration.

The data was revealed in a weekly government oil and gasoline inventory report. Crude futures temporarily rose after the report showed a surprise drawdown in U.S. oil supplies of 553,000 barrels to 468.2 million barrels. Analysts had expected a build in supply of more than 2 million barrels.