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Oil inventories rise for eighth consecutive week

Nov. 21, 2013 at 12:10 PM

WASHINGTON, Nov. 21 (UPI) -- U.S. crude oil inventories rose for the eighth consecutive week in the week ending Friday, the Energy Information Administration said.

Crude oil stockpiles rose by 400,000 barrels to reach 388.5 million, as inventories were well above the upper inventory range for this time of year, the agency said.

In a report issued Wednesday, the EIA said supplies of motor grade gasoline fell by 300,000 barrels to 208.9 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, fell by 4.8 million barrels to 112.5 million and remain near the lower limit of the average range for this time of year.

The national average retail price of regular unleaded gasoline rose in the week by 2.5 cents to $3.219 per gallon. The price is 21 cents per gallon below the price in the same week of 2012, the EIA said.

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