Oil supplies down 4.3M barrels in week

July 5, 2012 at 5:55 PM

WASHINGTON, July 5 (UPI) -- U.S. crude oil inventories fell sharply in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories fell for the fourth week out of the past five, declining by 4.3 million barrels to 382.9 million barrels. Stockpiles remain above the upper limit of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, fell by 1.1 million barrels to 117.8 million barrels with inventories in the lower limit of the average range.

Stockpiles of gasoline rose by 200,000 barrels to 205 million barrels in the current week.

Inventories of finished gasoline rose, while stockpiles of blending components decreased in the week, the agency said.

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