Aug. 29–Domestic crude oil inventories again fell last week, lifting the U.S. benchmark toward $70 a barrel after weeks of fluctuation.
Commercial crude stockpiles declined by 2.6 million barrels to roughly 406 million barrels, consistent with the five-year average at this time of year, the Energy Department reported Wednesday. Gasoline inventories declined by 1.6 million barrels, but stockpiles remain about 5 percent above the five-year average.
Domestic refineries ran at just over 96 percent of capacity last week to process 17.6 million barrels of crude oil a day. Gasoline production increased to 10.2 million barrels per day.
Total petroleum stockpiles, including jet fuel and distillates used in diesel and heating oil, fell by 1.7 million barrels last week.
Crude prices were up more than 1 percent in late morning trading in New York, hovering at about $69.30 a barrel.
(c)2018 the Houston Chronicle
Visit the Houston Chronicle at www.chron.com
Distributed by Tribune Content Agency, LLC.