Crude oil supplies rise

May 12, 2011 at 11:06 AM   |   0 comments

WASHINGTON, May 12 (UPI) -- U.S. crude oil inventories rose by 3.8 million barrels last week, the U.S. Energy Information Administration said.

Supplies, which have made gains in 13 of the past 15 weeks, rose to 370.3 million barrels and remain in the upper limit of the average range for this time of year, the EIA said.

Gasoline inventories rose by 1.3 million barrels to 205.8 million barrels. Gasoline stockpiles are in the lower limit of the average range for this time of year, the agency said.

Inventories of finished gasoline rose while stockpiles of gasoline blending components fell during the week, the agency said.

Supplies of distillate fuels, which include heating oil, fell by 800,000 barrels to 144.3 million barrels and are above the upper limit for the average range.

The EIA said gas prices rose for the seventh consecutive week, climbing 0.2 cents higher and $1.06 higher than a year earlier to $3.965 per gallon.

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