Crude, Gas Reserves Rise as Demand Erodes

By Ernest Scheyder

NEW YORK -- Crude stockpiles rose last week despite expectations for a steep drop, while gasoline reserves jumped less than forecast, according to government data released Wednesday.

For the week ended Dec. 26 crude inventories rose by 500,000 barrels, or 0.2%, to 318.7 million barrels, which is 10.4% above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts had expected a drop of 1.75 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. ...