Oil stockpile drops in week

Aug. 23, 2012 at 9:19 AM

WASHINGTON, Aug. 23 (UPI) -- U.S. crude oil inventories dropped by 5.4 million barrels in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories fell to 360.7 million barrels. Supplies of crude oil, however, remain at more than the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, increased 1 million barrels to 125.2 million barrels with inventories less than the lower limit of the average range.

Stockpiles of gasoline fell 1 million barrels to 202.7 million barrels in the current week.

Inventories of finished gasoline and blending components decreased in the week, the agency said.

The national average price of gasoline rose for the seventh consecutive week, adding 2.3 cents in the week to $3.744 per gallon.

The current average price is 16.3 cents more than the same week of 2011, the agency said.

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