Crude oil inventories increased in week

WASHINGTON, June 3 (UPI) -- U.S. crude oil inventories increased by 2.9 million barrels in the week ending May 29, the U.S. Energy Information Administration said Wednesday.

Crude inventories rose from 363.1 million barrels to 366 million barrels, during the week and are above the upper boundary for the average range for this time of year.

Gasoline inventories fell by 0.2 million barrels to 203.2 million barrels and are below the lower limit of the average range, EIA said.

Supplies of distillate fuels, which includes heating oil, increased to 150 million barrels and remain above their average supply line.

Finished gasoline inventories fell, while gasoline blending components inventories rose during the week.

Demand for gasoline is down 0.4 percent compared to a year ago, while distillate fuel demand is down 8.8 percent from a year ago. Jet fuel demand is also down. In the past four weeks, jet fuel demand has dropped 11.7 percent compared to the same period a year ago, EIA said.