U.S. oil supplies rising strongly

WASHINGTON, May 3 (UPI) -- U.S. crude oil supplies rose last week by 1.7 million barrels to their highest levels since May 1998.

The Energy Department also said Wednesday that crude inventories have reached 346.7 million barrels in the week ending April 28, well above the upper end of the average range for this time of year.

Gasoline inventories rose by 2.1 million barrels last week due to a large build in blending components and are at the lower end of the average range.

Diesel fuel and heating oil supplies fell a combined 1.1 million barrels to remain just above the upper end of the average range for this time of year.