Oil fluctuates after U.S. inventory report

The Energy Information Administration says gasoline stockpiles fell by 4.4 million barrels last week.

By STEVENSON JACOBS
The Associated Press

8/6/2008

NEW YORK — Oil prices are flutuating after a government report showed gasoline stockpiles fell more than forecast last week and crude oil supplies unexpectedly grew.

Light, sweet crude for September delivery is up 51 cents at $119.68 a barrel in morning trading on the New York Mercantile Exchange. But it has alternated between gains and losses since the report was released.

The Energy Information Administration says gasoline stockpiles fell by 4.4 million barrels last week. That compared to the 1.4 million drop expected by analysts surveyed by energy research firm Platts.

The EIA also says crude supplies rose by 1.7 million barrels; analysts expected supplies to fall by 1.2 million barrels.