US crude oil supplies rise by 2.7 million barrels

[July 26, 2012]  NEW YORK (AP) -- The nation's crude oil supplies grew last week, the government said Wednesday.

Crude supplies increased by 2.7 million barrels, or 0.7 percent, to 380.1 million barrels, which is 7.4 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected a decrease of 250,000 barrels for the week ended July 20, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies rose by 4.1 million barrels, or 2 percent, to 210 million barrels. That's 1.6 percent below year-ago levels. Analysts expected gasoline supplies to shrink by 750,000 barrels.

Demand for gasoline over the four weeks ended July 20 was 3.2 percent less than a year earlier, averaging 8.8 million barrels a day.

U.S. refineries ran at 93 percent of total capacity on average, 1 percentage point up from the prior week. Analysts expected capacity to decline to 91.6 percent.

Supplies of distillate fuel, which include diesel and heating oil, increased by 1.7 million barrels to 125.2 million barrels. Analysts expected distillate stocks to grow by 1 million barrels.

Benchmark crude futures fell by $1.50 to $87 a barrel in New York.

[Associated Press]

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