Monday, May 7, 2007

Oil Is Little Changed After Falling on U.S. Stocks, Restarting Refineries

(Bloomberg) -- Crude oil was little changed, after falling 6.8 percent last week because of ample U.S. supplies and signs gasoline output is rising as refiners return plants from maintenance.

Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Gasoline fell 1.9 percent last week as rising production and plant restarts by refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. eased summer supply concerns.


Read more at Bloomberg Energy News

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