Crude oil supplies down in week

Sept. 26, 2012 at 4:33 PM

WASHINGTON, Sept. 26 (UPI) -- U.S. crude oil inventories fell by 2.4 million barrels in the week that ended Friday, the U.S. Energy Information Administration said.

The agency said crude oil inventories dropped to 365.2 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, fell by 500,000 barrels to 127.7 million barrels with inventories near the lower limit of the average range.

Stockpiles of gasoline fell by 500,000 barrels to 195.8 million barrels in the current week, putting supplies in the lower half of the average range.

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

The national average price of gasoline fell after rising for 11 consecutive weeks.

The price of gasoline lost 5.2 cents to $3.826 per gallon in the week.

The current average price is 31.7 cents more than the same week of 2011, the agency said.

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