Petroleum supplies rise, demand slips

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. Ā 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.

 

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