Oil supplies up by 1.7 million barrels

Oct. 12, 2012 at 11:18 AM

WASHINGTON, Oct. 12 (UPI) -- U.S. crude oil inventories rose by 1.7 million barrels last week, the U.S. Energy Information Administration said.

The agency said inventories climbed to 366.4 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 3.2 million barrels to 120.9 million barrels, with inventories falling below the lower limit of the average range.

Stockpiles of gasoline fell by 500,000 barrels to 195.4 million barrels this week, remaining near the lower half of the average range.

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

After a two-week break, the national average price of gasoline rose for the 12th week out 14, climbing by 4.6 cents to $3.85 per gallon.

The current average price is 43.3 cents more than the price in same week of 2011, the agency said.

The weekly inventory report was released late Thursday, delayed a day because of the Columbus Day holiday this week.

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