FILE - In this Saturday, Nov. 3, 2012, file photo, people wait in line with containers to purchase gasoline at filling station in Metuchen, N.J. The price of oil is slightly higher Monday, Nov. 5, 2012, as investors remain cautious ahead of the U.S. presidential election. They're also assessing how much demand for oil has dropped in the storm-stricken Northeast. (AP Photo/Mel Evans, File)

US crude oil supplies grew by 2.6 million barrels

Published: 03:44:15 PM, Wed 06 February 2013 UTC

NEW YORK (AP) — The nation's crude oil supplies increased last week, the government said Wednesday.

Crude supplies grew by 2.6 million barrels, or 0.7 percent, to 371.7 million barrels, which is 9.6 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected an increase of 3 million barrels for the week ended Feb. 1, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies rose by 1.7 million barrels, or 0.7 percent, to 234 million barrels. That's 1 percent above year-ago levels. Analysts expected gasoline supplies to increase by 1.75 million barrels.

Demand for gasoline over the four weeks ended Feb. 1 was 4.7 percent higher than a year earlier, averaging 8.4 million barrels a day.

U.S. refineries ran at 84.2 percent of total capacity on average, 0.8 percentage point lower than the prior week. Analysts expected capacity to decline to 84.25 percent.

Supplies of distillate fuel, which include diesel and heating oil, decreased by 1 million barrels to 129.6 million barrels. Analysts expected distillate stocks to decline by 750,000 barrels.

Benchmark crude futures fell by 64 cents to $96 a barrel in New York.

Tags: energy department, energy information administration, platts, nation, mcgraw-hill cos, cents, feb., wednesday, demand, petroleum, heating oil, percent, average, coal, barrels, business, analysts, crude oil supplies, oil refinery, government, new york, percentage point, fuel oil, weekly report, diesel fuel, u.s. refineries, crude supplies, energy information, energy information arm, year-ago levels, gasoline supplies, benchmark crude futures, total capacity, distillate stocks, distillate fuel, arithmetic mean

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