WASHINGTON, Feb 8: US crude oil reserves dipped slightly over the past week, but gasoline inventories showed a sharp rise, government figures showed Wednesday. The department of Energy reported a drop in crude oil inventories of 300,000 barrels to a level of 320.7million barrels in the week ended on Feb 3. That contrasted with market expectations of a rise of 700,000 barrels.

Still, the agency noted that crude reserves are 10.7 per cent above the levels at the same time last year.

Gasoline inventories, meanwhile jumped 4.3 million barrels to 223.3 million, well ahead of the average analyst forecast of a rise of 1.9 million barrels.

As a result of the increase, gasoline supplies are now 1.7 per cent above the level at the same time last year.

Reserves of distillates, used for heating and diesel fuel, dipped 300,000 barrels to 136 million, according to the DoE, compared with a market forecast of a rise of 150,000 barrels.

Nonetheless, distillate supplies are 12.4 per cent above last year’s levels.

Crude oil futures were down 29 cents at $62.80 a barrel at 1600 GMT on the New York Mercantile Exchange.—AFP