US oil supplies down modestly in week

U.S. crude oil inventories dropped in the week that ended Friday, the Energy Information Administration said Thursday in a release. Crude oil stockpiles decreased by 1.8 million barrels during the week. At 360.2 million barrels, supplies are near the upper limit of the average range on a seasonal basis. The agency said supplies of motor grade gasoline also fell by 1.8 million barrels to 217.8 million barrels and are in the upper half of the average range for this time of year. Supplies of distillate fuels, which include home heating oil, rose by 500,000 barrels and are near the lower limit of the average range for this time of year.