US Crude Reserves Declined

U.S. commercial crude oil inventories fell over the past week but gasoline reserves increased, the Energy Department reported Wednesday in its weekly survey.

In the week ending May 19, the country's commercial crude oil inventories dropped by three million barrels to 343.9 million, or 3.6 percent above levels a year ago. The drop was three times the decline expected by analysts.

Gasoline reserves, however, rose 2.1 million barrels last week to 208.5 million, or almost 3 percent below last year. The rise ingasoline stocks, which are closely watched as summer driving season starts next week, was more than the increase of 1.3 millionbarrels that analysts had been expecting.

The figures for commercial crude oil inventories do no include the U.S. Strategic Petroleum Reserve, which currently holds crude oil of about 700 million barrels.