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Refiner Phillips 66's profit up 34 pct on higher gasoline demand

Oct 30 (Reuters) - U.S. refiner Phillips 66 reported a 34 percent rise in quarterly profit, as cheaper crude oil boosted gasoline refining margins amid buoyant demand.

The company's consolidated earnings rose to $1.58 billion, or $2.90 per share, in the third quarter ended Sept. 30, from $1.18 billion, or $2.09 per share, a year earlier.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)