facebook
twitter
search
search

Oil inventory drops in week

Jan. 17, 2013 at 11:16 AM

WASHINGTON, Jan. 17 (UPI) -- U.S. crude oil inventories fell by 1 million barrels last week, the U.S. Energy Information Administration said.

The agency said inventories dropped to 360.3 million barrels. Supplies of crude oil remain "well above the upper limit of the average range for this time of year," the agency said in a report issued late Wednesday.

The EIA said supplies of distillate fuels, which include home heating oil, rose by 1.7 million barrels to 132.4 million barrels. Inventories of distillate fuels, however, remain near the lower limit of the average range, the agency said.

Stockpiles of gasoline rose by 1.9 million barrels to 235 million barrels this week, holding well above the upper limit of the average range for this time of year.

In the week ending Monday, the national average price for a gallon of unleaded gasoline rose for the fourth consecutive week, climbing to $3.303 per gallon, up a 0.4 cent from the previous week. The average price is 8.8 cents below the same week a year earlier, the EIA said.

Related UPI Stories
Latest Headlines
Trending Stories
Vatican: Bishops not required to report abuse to police
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Dementia rates decline in U.S., researchers unsure why
'El Chapo' drug empire's alleged financial operator arrested in Mexico
New data undermines story of Yellowstone's formation