Crude oil inventory rises in week

Aug. 30, 2012 at 10:27 AM
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WASHINGTON, Aug. 30 (UPI) -- U.S. crude oil inventories rose by 3.8 million barrels in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories rose to 364.5 million barrels. Supplies of crude oil remain above the upper limit of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, increased by 900,000 barrels to 126.1 million barrels with inventories under the lower limit of the average range.

Stockpiles of gasoline fell 1.5 million barrels to 201.2 million barrels in the current week, putting supplies in the lower half of the average range.

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

The national average price of gasoline rose for the eighth consecutive week, adding 3.2 cents in the week to $3.776 per gallon.

The current average price is 14.9 cents more than the same week of 2011, the agency said.

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