Oil and gasoline: Decline in domestic stockpiles

On the New York Mercantile Exchange, light, sweet crude oil futures for May delivery rose 15 cents to end at 52.44 dollars a barrel. Wednesday was the last trading day for May futures contract. Meanwhile, on London's International Petroleum Exchange the Brent crude futures for June delivery added 84 cents to settleat 53.78 dollars per barrel.

On Wednesday, the &to=http:// english.pravda.ru/usa/2002/08/08/34052.html ' target=_blank>Department of Energy reported that the US inventories of crude oil fell by 1.8 million barrels during the week ending April 15 to 318.9 million barrels. Gasoline supplies dropped by 1.5 million barrels last week to 211.6 million barrels.

The government week petroleum inventory report also showed thatgasoline demand had averaged more than 9 million barrels a day over the past four week, about 1.2 percent above year ago levels, informs Xinhuanet.

According to the Forbes, the Department of Energy said in its weekly petroleum supply report that the U.S. supply of crude oil fell last week by 1.8 million barrels to 318.9 million barrels, or 8 percent above year ago levels. Gasoline inventories declined by 1.5 million barrels to 211.6 million barrels, or 5 percent above year ago levels.

The supply of distillate fuel, which includes &to=http:// english.pravda.ru/hotspots/2002/11/06/39203.html ' target=_blank>diesel, was flat at 104 million barrels, or roughly 1 percent above year ago levels, the agency said.

Gasoline demand has averaged more than 9 million barrels a day over the past four weeks, roughly 1.2 percent above year ago levels.

Global oil reserves are in little danger of drying up for many decades, an OPEC senior official said Wednesday, and the Organization of Petroleum Exporting Countries will keep raising production as needed to stabilize prices.

Subscribe to Pravda.Ru Telegram channel, Facebook, RSS!

Author`s name Editorial Team