Oil supplies rose in week

Crude inventories rose from 337.8 million barrels to 339.1 million barrels, during a week rising above the upper boundary of the average range for this time of year, the EIA said.

Gasoline inventories fell by 2.3 million barrels to 206.9 million barrels, dropping to near the upper limit of the average range.

Supplies of distillate fuels, which includes heating oil, dropped to 0.8 million barrels to 169.9 million barrels.

Finished gasoline inventories fell, while gasoline blending components inventories increased during the week, EIA reported.

Demand for motor grade gasoline rose 4.2 percent compared to a year ago on a four-week rolling average, while demand for distillate fuels fell 12.1 percent compared to a year ago. Jet fuel demand has dropped 3.2 percent during the past four weeks compared to the same period in 2008, EIA said.

Copyright 2009 by United Press International.