Crude Stockpiles Plunge As Summer Driving Gears Up

ERNEST SCHEYDER

NEW YORK (AP) — Crude oil inventories plunged last week as Americans took to the road for the busy summer driving season, the government said Wednesday.

Crude inventories dropped by 4.4 million barrels, or 1.2 percent, to 361.6 million barrels, which is 19.9 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts had expected a boost of 800,000 barrels for the week ended June 5, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. ...