Stockpiles of U.S. petroleum products rose significantly last week as demand slipped, the Energy Department reported Wednesay.
Commercial crude inventories rose by 2.8 barrels, while gasoline stocks jumped by nearly 7 million barrels. Inventories of all petroleum products rose by 8.9 million barrels.
Demand for petroleum products, meanwhile declined. U.S. motorists consumed about 8.3 million barrels per day, down nearly 5 percent from the same week a year ago. Consumption of all petroleum products fell by by 2.6 percent to 19 million barrels.