Reuters: Financial Services and Real Estate: UPDATE 1-US gasoline demand up in latest week -MasterCard

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UPDATE 1-US gasoline demand up in latest week -MasterCard May 30th 2012, 18:36 Wed May 30, 2012 2:36pm EDT NEW YORK May 30 (Reuters) - U.S. gasoline demand in the week before Memorial Day rose from the prior week as consumers went to the pumps before the holiday weekend which launches the peak summer driving season, MasterCard said in its weekly Spending Pulse report issued Wednesday. In the week to May 25, gasoline demand in the United States rose 3 percent from the previous week, but was 1.1 percent lower than the year-ago week. MasterCard's data cover the Friday before Memorial Day. Gasoline prices fell 4 cents last week to $3.69 a gallon. That was 3.4 percent lower than last year. The four-week moving average for demand posted its 62nd straight decline, down 2.8 percent compared with the same period a year earlier. MasterCard Advisors, a unit of MasterCard Inc, estimates retail gasoline demand based on aggregate sales in the MasterCard payments system coupled with estimates for other payment forms including cash and checks.

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