U.S. oil stockpile falls in week

WASHINGTON, June 17 (UPI) -- U.S. crude oil inventories dropped by 3.9 million barrels in the week ending June 12, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell from 361.6 million barrels to 357.7 million barrels, but remain above the upper boundary of the average range for this time of year, EIA said.

Gasoline inventories rose by 3.4 million barrels to 205 million barrels, but remain below the lower limit of the average range.

Supplies of distillate fuels, which includes heating oil, increased by 0.3 million barrels to 150 million barrels. Finished gasoline inventories fell, while gasoline blending components inventories increased during the week, EIA reported.

Demand for motor gasoline has averaged 9.3 million barrels per day over the past four weeks, a 1.1 percent rise from the same period of 2008. Distillate fuel demand, averaging 3.5 million barrels per day in the past four weeks, is down 8.9 percent from a year ago. Jet fuel demand has dropped 16 percent over the same period from a year ago, the report said.