Weekly U.S. crude oil supply increases
By: Administrative Account | Source: UPI News
October 8, 2003 10:59PM EST

LOS ANGELES, Oct. 8 (UPI) -- The U.S. supply of crude oil increased in the past week as imports rose and refinery maintenance cut consumption.

The increases seen in the closely watched weekly statistics from the U.S. Energy Information Administration sent crude futures lower on NYMEX Wednesday. The price for November delivery were off at midday by some 80 cents at $29.57 per barrel.

The EIA said the supply build was the result of lower consumer demand and annual maintenance work at various refineries. At the same time, crude imports were running slightly above normal at 9.9 million barrels per day.

The result was an increase in the U.S. crude supply of 5.9 million barrels for the week to a total of 286.2 million barrels.

A decrease in refinery consumption led to a 1.2 million barrel drop in gasoline supplies while distillate fuels increased slightly.

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