Oil Rises Following DOE Inventory Report

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Oil rose slightly Wednesday after falling to near $67 a barrel, following a Department of Energy report showed that inventories declined last week, Bloomberg reported.

Crude stockpiles fell by 370,000 barrels for the week ended Saturday, while gasoline inventories fell by 3 million barrels, DOE said.

Distillate inventories, which include diesel, rose by 1.2 million barrels, DOE said in its weekly inventory report released Wednesday morning in Washington.

Crude futures rose to $68.21 a barrel on the New York Mercantile Exchange after earlier falling to near $67, Bloomberg reported.



Tuesday’s Nymex closing price of $68.05 was the lowest in more than two weeks.