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Crude oil supplies drop

Washington -- U.S. crude oil inventories dropped by 3.7 million barrels in the week ending Dec. 11, the U.S. Energy Information Administration said Wednesday.

Washington -- U.S. crude oil inventories dropped by 3.7 million barrels in the week ending Dec. 11, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell from 336.1 million barrels to 332.4 million barrels, but remain above the upper limit of the average range for this time of year.

Gasoline inventories rose by 0.9 million barrels to 217.2 million barrels and held above the upper limit of the average range.

Supplies of distillate fuels, which includes heating oil, dropped to 2.9 million barrels to 164.4 million barrels.

Finished gasoline stockpiles rose, while gasoline blending components fell during the week, EIA reported.

On a four-week rolling average, the demand for motor gasoline rose 1 percent over the same period a year ago. Demand for distillate fuel is down 6.6 percent, while jet fuel demand is up 4.6 percent compared to a rolling average over four weeks a year ago, EIA said.

Copyright 2009 by United Press International.

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