Crude oil stocks decline

WASHINGTON, July 15 (UPI) -- U.S. crude oil inventories dropped by 2.8 million barrels in the week ending July 10, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell from 347.3 million barrels to 344.5 million barrels, during a week but remain above the upper boundary of the average range for this week of the year, EIA said.

Gasoline inventories rose by 1.5 million barrels to 214.6 million barrels, reaching into the upper half of the average range.

Supplies of distillate fuels, which includes heating oil, rose by 0.6 million barrels to 159.3 million barrels.

Finished gasoline inventories fell in the week while gasoline blending components inventories increased, EIA reported.

Demand for gasoline over the past four weeks is 0.6 percent higher than demand during the same period a year ago. Distillate fuel demand has dropped 11.7 percent in the past four weeks compared to a year ago. Jet fuel demand is also down, off 12.3 percent from a year ago, the report said.