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U.S. markets recover from steep losses
WASHINGTON, Dec. 9 (UPI) -- U.S. crude oil inventories dropped by 3.8 million barrels in the week ending Dec. 4, the U.S. Energy Information Administration said Wednesday.
Crude inventories fell from 339.9 million barrels to 336.1 million barrels and remain above the upper limit of the average range for this week of the year.
Gasoline inventories rose by 2.2 million barrels to 216.3 million barrels and also sit above the upper limit of the average range.
Supplies of distillate fuels, which includes heating oil, rose by 1.6 million barrels to 167.3 million barrels, while finished gasoline and gasoline blending components inventories also increased during the week, EIA reported.
Demand for petroleum products was mixed. Demand for motor gasoline rose 1.2 percent on a four-week rolling average compared to the same period a year ago. Demand for distillate fuel and jet fuel dropped 8.3 percent and 0.7 percent, respectively, comparing four-week rollings averages this year to last.
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