Crude oil supplies rise modestly

Aug. 1, 2013 at 2:31 PM
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WASHINGTON, Aug. 1 (UPI) -- U.S. crude oil inventories rose modestly in the week ending Friday, July 26, the Energy Information Administration said in a late Wednesday release..

Crude oil stockpiles rose by 400,000 barrels during the week. At 364.6 million barrels, supplies remain in the upper half of the average range on a seasonal basis.

The agency said supplies of motor grade gasoline rose by 800,000 to 223.5 million barrels and are above the upper limit of the average range for this time of year.

Supplies of distillate fuels, which include home heating oil, declined by 500,000 barrels to 126 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 3.6 cents in the week, sliding to $3.646 per gallon, putting the price of gasoline 13.8 cents above the same week of 2012.

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