Following an unexpected increase in U.S. petroleum supplies, November crude futures dipped 8 cents to close at $79.97 per barrel today. According to the Department of Energy, Crude supplies rose by 1.2 million barrels to stand at 321.8 million barrels in the latest week. Most analysts had expected a decline in crude supplies.
Elsewhere, the department said that gasoline inventories fell to 191.3 million barrels, down 100,000 barrels, while distillate supplies slipped to 135.9 million barrels, down 1.2 million barrels on the week. As a result, November reformulated gasoline gained 1.31 cents to end at $1.9959 per gallon and November heating oil gained 1.64 cents to end at $2.1787 per gallon.