Crude oil supplies rise; gas stocks drop

WASHINGTON, March 10 (UPI) -- U.S. crude oil inventories rose by 2.5 million barrels in the week ending March 4, the U.S. Energy Information Administration said.

Supplies reached 348.9 million barrels, remaining above the upper limit of the average range for this time of year.

A week ago, crude oil supplies fell by 400,000 barrels. In the four weeks prior to that, crude oil stockpiles rose, despite political chaos in the Middle East.

Analysts have said Saudi Arabia has increased production since October to keep prices stable. Oil prices began the year near $90 per barrel in New York and reached $105 per barrel this week on the New York Mercantile Exchange.

In the week ending March 4, gasoline inventories fell by 5.5 million barrels to 229.2 million barrels, but remain above the upper limit of the average range for this time of year.

Inventories of finished gasoline and gasoline blending component stockpiles fell during the week, the energy agency reported.

Supplies of distillate fuels, which include heating oil, fell by 4 million barrels to 155.2 million barrels.