U.S. crude oil supply off by 3.3M barrels

U.S. crude oil inventories fell sharply and surprisingly last week, the Energy Department reported Wednesday.

Where the commodity had been expected to climb by about 3 million barrels, the commodity actually fell by 3.3 million barrels compared to the previous week.

However, at 332.3 million barrels, U.S. crude oil inventories remain well above the upper end of the average range for this time of year, the Energy Department said.

Gasoline inventories dropped by 2.8 million barrels last week, and are just above the upper end of the average range.

Heating oil and diesel fuel, collectively known as distillate fuels, supplies declined by 1.4 million barrels but remain well above the upper end of the average range for this time of year. Ultra-low-sulfur diesel fuel inventories fell by 1.4 million barrels, while heating oil inventories increased by 700,000 barrels.



Source: UPI (October 25, 2006 - 9:50 AM EST)


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