Oil stocks fall but total petroleum inventories rise

Oil storage tanks stand in this aerial photograph taken above Cushing, Oklahoma, U.S., on Tuesday, March 24, 2015. The fastest oil-inventory growth on record at the main U.S. hub may be about to end, easing concern that storage limits will be strained. Photographer: Daniel Acker/Bloomberg
Oil storage tanks stand in this aerial photograph taken above Cushing, Oklahoma, U.S., on Tuesday, March 24, 2015. Daniel Acker/Bloomberg

U.S. crude oil inventories fell by 7.1 million barrels last week, boosting industry hopes that high demand will reduce stockpiles and increase prices.

Still, the country’s oil stocks remain full, the U.S. Department of Energy reported on Thursday, at almost 480 million barrels, or at the high end of normal.

Gasoline inventories increased by 8.3 million barrels, ending the week on the high side of average.

Distillate fuel, blending components and total commercial petroleum inventories all also rose.

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