US crude oil supplies grew by 2.8 million barrels

AP News
Posted: Apr 11, 2012 11:03 AM
US crude oil supplies grew by 2.8 million barrels

The nation's crude oil supplies rose last week, the government said Wednesday.

Crude supplies grew by 2.8 million barrels, or 0.8 percent, to 365.2 million barrels, which is 1.6 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected an increase of 1.8 million barrels for the week ended April 6, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies shrank by 4.3 million barrels, or 1.9 percent, to 217.6 million barrels. That's 3.8 percent more than year-ago levels. Analysts expected gasoline supplies to decline by 1.25 million barrels.

Demand for gasoline over the four weeks ended April 6 was 4 percent lower than a year earlier, averaging 8.6 million barrels a day.

U.S. refineries ran at 83.8 percent of total capacity on average, down 1.9 percentage points from the prior week. Analysts expected capacity to rise to 86 percent.

Supplies of distillate fuel, which include diesel and heating oil, fell by 4 million barrels to 131.9 million barrels. Analysts expected distillate stocks to rise by 200,000 barrels.

Benchmark crude rose $1.21 to $102.23 a barrel in New York.