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Crude oil supplies rise in week

Washington -- U.S. crude oil inventories rose by 3.7 million barrels in the week ending Jan. 8, the U.S. Energy Information Administration said Wednesday.

Crude inventories rose from 327.3 million barrels to 331 million barrels during a week, holding above the above the upper limit of the average range for this time of year, EIA said.

Gasoline inventories rose by 3.8 million barrels to 223.5 million barrels and are also above the upper limit of the average range.

Supplies of distillate fuels, which include heating oil, dropped by 1.4 million barrels to 160.4 million barrels.

Finished gasoline inventories decreased, while gasoline blending components inventories rose during the week, EIA reported.

Using a four-week rolling average for comparison, demand for motor gasoline is up 0.4 percent from the same period a year ago, while distillate fuel demand is down 4 percent. Jet fuel demand is 3.2 percent higher than the same four-week stretch of a year ago.

Copyright 2010 by United Press International.

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