Crude oil inventories climb
Posted on: Wednesday, 18 March 2009, 10:12 CDT
U.S. crude oil inventories rose by 2 million barrels in the week ending March 13, the U.S. Energy Information Administration said Wednesday.
Crude inventories rose from 351.3 million barrels to 353.3 million barrels, keeping supplies above the upper limit of the average range for this time of year.
Steady supplies may influence crude oil prices, which rose Wednesday to more than $48 per barrel on the New York Mercantile Exchange and have been trending up for a month.
Gasoline inventories rose by 3.2 million barrels to 215.7 million barrels, while supplies of distillate fuels, which includes heating oil, rose by 100,000 barrels to 145.5 million barrels.
Finished gasoline inventories rose in the week, while gasoline blending components fell, EIA reported.
While supplies are up, demand for gasoline has also risen. A rolling four-week average demand for gasoline shows demand up 1.1 percent from the same period a year ago. Distillate fuel demand has dropped 9.3 percent from a year ago, while jet fuel demand has dropped 6.4 percent, the report said.
Source: United Press International
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