In the energy market on Wednesday, the price of oil dipped, with crude for May delivery closing at $52.77/barrel, down $1.21. April reformulated gasoline shed three-quarters of a cent, to $1.495/gallon.

In its weekly inventory report, the Energy Information Administration said that crude stocks rose 3.3 million barrels for the week ending March 20. That was more than double expectations.

Gasoline supplies, however, fell by 1.1 million barrels, while distillates, which include diesel and heating oil, declined by 1.6 million barrels. Refineries were operating at 82% of capacity, down marginally from a week earlier.

“While some may view the drop in gasoline stocks as bullish, the data comes out on the side of the bears,” said James Williams, of WTRG Economics. “The overall picture in crude inventories is still gloomy.”

The EIA also said that total petroleum products supplied over the past four weeks averaged 19.1 million barrels a day, down 3.2% from a year ago.

Source: Crude Falls

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