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US crude oil reserves reach seven-year high

 

AFP
WASHINGTON
Petroleumworld.com 03 09 06

US crude oil inventories hit their highest level in nearly seven years over the past week, government figures showed Wednesday, in a report putting downward pressure on prices.

The Department of Energy reported crude oil reserves rose by 6.8 million barrels to 335.1 million in the week to March 3. That was well above the average market forecast of a rise of 1.5 million barrels.

Reserves fell however, for gasoline and distillates, which are used for heating oil and diesel fuel.

Gasoline inventories dipped 1.1 million barrels to 224.8 million in a sharper-than-expected drawdown.

Reserves of distillates fell by 2.7 million barrels to 131.4 million, slightly less than the predicted decline of 1.5 million.

Crude oil futures fell 68 cents to 60.90 dollars a barrel at 1605 GMT on the New York Mercantile Exchange.

AFP 03 08 06

Copyright © 2006 AFP. All rights reserved


 

 


 

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