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Oil supplies rise modestly in week

WASHINGTON, Jan. 29 (UPI) -- U.S. crude oil supplies rose modestly in the week ending Jan. 24, climbing by 6.4 million barrels to 357.6 million, the Energy Information Administration said.

Inventories are in the upper half of the average range for this time of year, the agency said.

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The EIA said supplies of motor-grade gasoline supplies fell by 800,000 barrels to 234.4 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 4.6 million barrels to 116.2 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 0.1 cent to $3.295 per gallon. The price is 6.2 cents per gallon under the price in the same week of 2013, the EIA said.

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