David Gaffen

A record 42 million people around the United States are expected to hit the road for trips over the July 4 Independence Day weekend, AAA said Tuesday, absorbing historically high fuel costs to crowd the highways.

U.S. crude oil and fuel stockpiles rose last week, bolstered by another big release from strategic reserves, while demand slackened, the Energy Information Administration said on Wednesday.

U.S. crude oil exports surged to an all-time high last week, contributing to another fall in stockpiles, driven by overseas demand due to the big discount for U.S. crude when compared with international benchmark Brent.

Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets.

Crude stocks fell in the most recent week, while distillate inventories rose slightlyand demand rebounded, the U.S. Energy Information Administration said Wednesday.

U.S. crude stocks and distillate inventories rose more than expected in the most recent week, while fuel demand remained below last year’s levels, the Energy Information Administration said on Wednesday.

Oil edged up 1% on Wednesday as an international energy watchdog expects an increase in gas-to-oil switching due to high prices this winter, even though the outlook for demand remains gloomy.

U.S. crude and fuel stocks rose in the most recent week, as refiners increased processing to rebuild low product inventories, the Energy Information Administration said on Wednesday.

Oil futures fell for a third day in a row on Wednesday, fueled by ongoing concerns about demand, the dollar’s strength and expectations for more interest rate hikes by major central banks.

U.S. crude stocks rose by nearly 10 million barrels last week after another big release from government reserves, while distillate inventories fell sharply, the Energy Information Administration said on Thursday.