EIA: Crude Oil Stockpiles Fell Slightly Last Week

July 30, 2008 8:05:26 AM PDT
The government says crude oil inventories fell for the second consecutive week. Gasoline stockpiles also declined. The Energy Information Administration says crude supplies dipped by 100,000 barrels, which is less of a decline than expected.

Gasoline inventories dropped 3.5 million barrels, contrary to expectations for an increase.

Demand for gasoline was about 2 and a-half percent below where it was a year earlier.

Inventories of distillate fuel, which include diesel and heating oil, rose 2.4 million barrels. That is a bigger-than-expected increase.

In midday trading, light, sweet crude for August delivery rose 39 cents to $122.58 a barrel on the New York Mercantile Exchange.