US Crude oil inventories drop modestly

U.S. crude oil inventories fell modestly in the week ending Friday, the Energy Information Administration said. In a report released late Wednesday, the agency said inventories dropped by 1.2 million barrels to 387.6 million barrels. Inventories of crude remain well above the upper limit of the average range for this time of year, the report said. The EIA said supplies of distillate fuels, which include home heating oil, rose by 2.4 million barrels to 115.2 million barrels. Inventories of distillate fuels are in the lower half of the average range for this time of year, the agency said. Stockpiles of gasoline fell by 600,000 barrels to 221.7 million barrels this week and remain above the upper limit of the average range for this time of year. The national average price of unleaded gasoline moved lower for the seventh consecutive week, dropping 6.6 cents to $3.542 per gallon, putting the price of gasoline 38 cents lower than the same week of 2012.