U.S. oil, petrol reserves up

May 11, 2006 - 0:0
WASHINGTON (AFP) – U.S. inventories of oil and crude products including gasoline rose across the board last week, the government said Wednesday.

The Department of Energy said crude oil reserves rose by 300,000 barrels to 347.0 million in the week to May 5.

U.S. crude stocks are now at their highest level since May 1998, although analysts had expected a larger rise of 575,000 barrels in the past week.

Gasoline reserves rose a robust 2.4 million barrels to 205.1 million barrels over the week.

That was more than double the anticipated rise of one million barrels, but still leaves U.S. motor fuel stocks 3.8 percent lower than at this time last year heading into the U.S. summer driving season.

Inventories of distillates, which are used to make diesel and heating oil, rose 200,000 barrels to 114.7 million barrels. Market watchers had foreseen a fall of 300,000 barrels.