US crude oil supplies decline in week

U.S. crude oil inventories fell in the week that ended Friday, the Energy Information Administration said Wednesday in a release. Crude oil stockpiles declined by 1.4 million barrels during the week. At 359.1 million barrels, supplies remain near the upper half of the average range on a seasonal basis. The agency said supplies of motor grade gasoline fell by 4 million barrels to 218.4 million barrels and are in the upper limit of the average range for this time of year. Supplies of distillate fuels, which include home heating oil, rose by 900,000 barrels to 129.4 million barrels. Inventories of distillate fuels are near the lower limit of the average range for this time of year. The national average price of unleaded gasoline dropped by 1.1 cents in the week, sliding to $3.55 per gallon, putting the price of gasoline 19.4 cents below the same week of 2012.