Oil, Gasoline, Diesel Inventories Gain for Week

rude oil, gasoline and distillate inventories all rose last week, the Department of Energy reported Wednesday.

Crude oil stockpiles rose 1.2 million barrels, DOE said in its weekly inventory report, better than the half-million barrel decline forecast by oil analysts, Bloomberg reported.

Oil fell $1.45 to $71.05 a barrel, coupled with news that the United States’ offer to provide Iran nuclear technology in exchange for that country dropping any possible weapons program received a favorable initial reaction, Bloomberg said.

Distillates, which include diesel, jumped 1.8 million barrels for the week, slightly better than expected, Bloomberg reported.