End of January oil supplies jumped in U.S.

WASHINGTON, Feb. 6 (UPI) -- U.S. supplies of crude oil jumped 7.1 million barrels in the week of Jan. 28-Feb. 1, the Energy Information Administration reported Wednesday.

U.S. stockpiles reached 300 million barrels for the week.

Gasoline supplies also gained in the week, up 3.6 million barrels to 227.5 million.

Stocks of distillate fuel oil was "little changed," the report indicates, up 100,000 barrels to 127 million.

During the week, on Jan. 30, Iranian Oil Minister Gholam Hossein Nozari declared that the world's oil supplies were adequate and there was no need to pump more oil from the ground to lower prices.

There was no reason to raise production "as we are approaching the warm season," he said.