According to the Energy Department’s Energy Information Administration crude oil supplies fell last week while gasoline supplies grew.
The government agency stated that supplies of crude fell by 4 million barrel, or 1.1 percent to 353.1 million barrels, 1.9 percent lower than last years level. Analysts had expected that oil supplies would drop by 1.7 million barrels last week.
The supply of gasoline increased slightly by 200,000 barrels for the week which ended september 2nd, or 0.1 percent to 208.8 million barrels. That figure is 7.2 percent lower than that of last year. Analyst had predicted that supplies would fall by 900,000 barrels.
The demand for gasoline in the month up to September 2nd was 2.9 percent below a year ago demand. That represents 9.1 million barrels per day.
WTI crude currently trades at $90.03 a barrel, a 0.76 percent increase on the day so far.
Companies in the oil and gas sector showing the largest gains so far include Hess Corp (NYSE:HES), Total (NYSE:TOT) and BP (NYSE:BP).
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