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U.S. crude oil stockpiles slip slightly

May 23, 2013 at 11:11 AM

WASHINGTON, May 23 (UPI) -- U.S. crude oil inventories dropped slightly in the week, but remain historically high, the Energy Information Administration said.

Crude oil stockpiles dropped by 300,000 barrels to 394.6 million barrels. Supplies remain above the upper limit of the average range for this time of year. In recent months, oil stockpiles have risen to heights unseen in more than eight decades.

The agency, in a report released Wednesday, said supplies of distillate fuels, which include home heating oil, fell by 1.1 million barrels to 118.8 million barrels. Inventories of distillate fuels are in the lower half of the average range for this time of year, the agency said.

Stockpiles of gasoline rose 3 million barrels to 220.7 million barrels this week but are near the upper half of the average range for this time of year.

The national average price of unleaded gasoline rose for the third consecutive week, gaining 7 cents to reach $3.673 per gallon, putting the price of gasoline 4.2 cents lower than in the same week of 2012.

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