Energy Dept. Says Crude Oil Inventories Rose
WASHINGTON D.C. (AP) — The Energy Department says crude inventories unexpectedly rose last week after five straight declines. And that’s weighing heavily on crude oil prices.
The government also says gasoline stockpiles also defied analysts’ estimates by dropping for the second straight time.
Crude oil inventories rose by 800,00 barrels, still 14 percent below year-ago levels.
Gasoline inventories fell by 100,000 barrels, 2.3 percent above year-ago levels.
Demand for gasoline over the previous four weeks was 2.1 percent lower than a year ago.
Inventories of distillate fuel, which include diesel and heating oil, rose by 2.8 million barrels.