Crude Oil, Gasoline Inventories Increase

Inventories of U.S. crude oil and gasoline showed a moderate but unexpected increase in the week ended Friday, according to the American Petroleum Institute. Crude-oil stocks rose 909,000 barrels, to 310.4 million, and gasoline supplies increased 382,000 barrels, to 220.7 million.

Many traders and analysts had expected declines in the latest week--after several weeks of steady increases--because of reduced imports. But although imports did fall, they were offset by continued high production at U.S. refineries, which maintained their output at 96.6% of capacity, the API said.

The weekly figures were released after financial markets closed; earlier, crude oil for August delivery slipped 10 cents, to $27.49 per 42-gallon barrel, on the New York Mercantile Exchange. Gasoline for August delivery fell 2.23 cents, to 72.71 cents a gallon, on the Nymex.