Oil Inventories Gain, Distillates Drop for Week

rude oil inventories rose more than expected but distillate supplies, which include diesel fuel, fell last week, the Department of Energy reported Wednesday.

Distillate stockpiles plunged 2.8 million barrels, well above the 500,000 predicted by analysts for the week, Bloomberg reported.

Crude oil inventories gained 1.3 million barrels, which was more than expected, while gasoline inventories fell by 300,000 barrels, below the 1.1 million build expected, Bloomberg said.

In addition to diesel, distillates also include heating oil, which is high in demand in winter months.

Heating-oil futures prices also fell in early Nymex trading Wednesday, Bloomberg reported.