Wednesday, May 16, 2007

Oil Falls After Report Shows U.S. Crude, Gasoline Supplies Rose Last Week

(Bloomberg) -- Crude oil fell after the Energy Department reported that U.S. oil and gasoline supplies increased last week as refineries prepared for the peak-demand summer months.

Crude-oil inventories rose 1.06 million barrels to 342.2 million last week, the highest since June, the report showed. Supplies along the Gulf Coast surged 2.38 million barrels. Gasoline and heating oil stockpiles also rose, the report showed. Prices fell earlier today after Reuters reported that protesters in Nigeria left an oil facility run by Royal Dutch Shell Plc.


Read more at Bloomberg Energy News

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