Oil Rises Following DOE Inventory Report
Oil rose slightly Wednesday after falling to near $67 a barrel, following a Department of Energy report showed that inventories declined last week, Bloomberg reported.
Crude stockpiles fell by 370,000 barrels for the week ended Saturday, while gasoline inventories fell by 3 million barrels, DOE said.
Distillate inventories, which include diesel, rose by 1.2 million barrels, DOE said in its weekly inventory report released Wednesday morning in Washington.
Crude futures rose to $68.21 a barrel on the New York Mercantile Exchange after earlier falling to near $67, Bloomberg reported.
Tuesday’s Nymex closing price of $68.05 was the lowest in more than two weeks.