NEW YORK (AP) — The nation's crude oil supplies rose again last week, the government said Wednesday.
Crude supplies increased by 2.6 million barrels, or 0.7 percent, to 388.1 million barrels, which is 3.2 percent above year-ago levels, the Energy Department's Energy Information Administration said. It was the eighth straight weekly increased reported by the government.
Analysts expected an increase of 1.8 million barrels for the week ended Nov. 8, according to Platts, the energy information arm of McGraw-Hill.
Gasoline supplies fell by 800,000 barrels, or 0.4 percent, to 209.2 million barrels. That's 3.6 percent more than year-ago levels. Analysts expected gasoline supplies to fall by 1.2 million barrels.
Demand for gasoline over the four weeks ended Nov. 8 was up 4.7 percent from a year ago, averaging 9 million barrels a day.
U.S. refineries ran at 88.7 percent of total capacity on average, up 1.9 percentage points from the prior week. Analysts expected capacity to rise to 87.4 percent.
Supplies of distillate fuel, which include diesel and heating oil, fell by 500,000 barrels to 117.3 million barrels. Analysts expected distillate stocks to fall by 1.2 million barrels.
Benchmark crude futures fell $1.22 to $92.66 a barrel in morning trading in New York.
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Original headline: US crude oil supplies rise by 2.6 million barrels
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