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Oil supplies up for fifth consecutive week

April 26, 2012 at 9:58 AM   |   Comments

WASHINGTON, April 26 (UPI) -- U.S. crude oil inventories rose in the week that ended Friday for the fifth consecutive weekly build up, the U.S. Energy Information Administration said.

After rising 3.9 million barrels in the previous week, the agency said crude oil inventories rose another 4 million barrels to 373 million barrels and remain in the upper limit for the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, fell 3.1 million barrels after dropping 2.9 million barrels in the previous week. At 125.9 million barrels this week, supplies of distillate fuels are in the middle of the average range for this time of year, the EIA said.

Gasoline inventories dropped 3.7 million barrels a week prior and 2.2 million barrels in the current week to 211.7 million barrels but remain in the upper limit of the average range for this time of year.

Inventories of finished gasoline and blending components both fell, the agency said.

The EIA said the national average price of regular gasoline fell for the third consecutive week with the price dropping 5.2 cents in the current week to $3.87 per gallon on April 23.

The average price of gasoline prices came in $0.009 under the same week of 2011.

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