Crude oil supplies slide

Aug. 15, 2013 at 2:37 PM

WASHINGTON, Aug. 15 (UPI) -- U.S. crude oil inventories fell in the week ending Friday, Aug. 7, the Energy Information Administration said in release.

Crude oil stockpiles declined by 2.8 million barrels during the week. At 360.5 million barrels, supplies are near the upper half of the average range on a seasonal basis. The inventory report was released late Wednesday.

The agency said supplies of motor grade gasoline fell by 1.2 million barrels to 222.4 million barrels and are near the upper limit of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, rose by 2 million barrels to 128.5 million barrels. Inventories of distillate fuels are near the lower limit of the average range for this time of year.

The national average price of unleaded gasoline dropped by 7.1 cents in the week, sliding to $3.561 per gallon, putting the price of gasoline 16 cents below the same week of 2012.

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