The nation’s crude oil and gasoline supplies increased more than expected last week, the government said Wednesday, The Associated Press reports.
Crude supplies grew by 4.8 million barrels, or 1.4 percent, to 340.6 million barrels for the week ended Jan. 21, the Energy Department said. The total is 4.3 percent above year-ago levels.
Analysts expected an increase of 1.7 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Gasoline supplies rose by 2.4 million barrels, or 1.1 percent, to 230.1 million barrels, the Energy Information Administration said in a weekly report. The total is 0.3 percentage point above the year-ago level. Analysts forecast an increase of 2.1 million barrels.
Demand for gasoline over the past four weeks was 1.1 percent more than a year ago, averaging 8.8 million barrels a day.
U.S. refineries ran at 81.8 percent of total capacity on average, which was a decline of 1.2 percent from the previous week. Analysts expected capacity to average 82.45 percent.
Supplies of distillate fuel, which includes diesel and heating oil, declined by 100,000 barrels, or 0.1 percentage point, to 165.7 million barrels. Analysts predicted distillate supplies would fall by 700,000 barrels.
Oil prices rose 21 cents to $86.39 per barrel in morning trading on the New York Mercantile Exchange.
