Commercial crude oil inventories up

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WASHINGTON, April 3 (UPI) -- U.S. commercial crude oil inventories last week rose by 2.7 million barrels over the previous week, the U.S. Energy Information Administration said Wednesday.

At 388.6 million barrels for the week ending March 29, U.S. crude oil inventories were above the upper limit of the average range for this time of year, the agency said in its weekly report.

The figure excluded crude oil inventories in the Strategic Petroleum Reserve.

Crude oil refinery inputs averaged slightly more than 15 million barrels per day during the week ending March 29, the Energy Information Administration said, about 130,000 barrels per day above the previous week's average.

Refineries operated at 86.3 percent of their operable capacity last week. Gasoline production increased last week, averaging over 8.9 million barrels per day. Distillate fuel production increased last week, averaging over 4.3 million barrels per day.

Total gasoline inventories fell by 600,000 barrels last week but stayed in the middle of the average range, the EIA said. Both finished gasoline inventories and blending components inventories decreased for the reporting period.