Crude oil futures prices rose by more than $1 a barrel Wednesday in spite of U.S. government data showing crude oil and gasoline supplies on the rise, AP reported. In its weekly petroleum supply report, the Department of Energy said commercial inventories of crude oil climbed last week by 1.9 million barrels to 321 million barrels, or 11 percent above year ago levels. Gasoline inventories grew by 4.2 million barrels to 219 million barrels, or roughly equal to last year's level. But light sweet crude for March delivery rose 88 cents to $68.80 a barrel in afternoon trading on the New York Mercantile Exchange, where natural gas futures rose by 23 cents to $9.553 per 1,000 cubic feet on concerns about cold weather in the U.S. The Energy Department report showed a slight decline in inventories of distillate fuels, which include diesel and heating oil. Nymex heating oil futures were essentially flat at $1.85 a gallon, while gasoline futures were also little changed at $1.797 per gallon.
