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Oil supplies rise modestly in week

Jan. 23, 2014 at 6:08 PM

WASHINGTON, Jan. 23 (UPI) -- U.S. crude oil supplies rose slightly in the week ending Friday, climbing by 1 million barrels to 351.2 million, the Energy Information Administration said.

Inventories are in the upper half of the average range for this time of year, the agency said in a report issued a day late due to the Dr. Martin Luther King Jr. holiday.

The EIA said supplies of motor-grade gasoline supplies rose by 2.1 million barrels to 235.3 million barrels and are well above the upper limit of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, fell by 3.2 million barrels to 120.7 million and are well below the lower limit of the average range for this time of year.

The national average retail price of regular unleaded gasoline fell in the week by 3.1 cent to $3.296 per gallon. The price is 1.9 cents per gallon under the price in the same week of 2013, the EIA said.

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