Quick Overview

• Crude oil and distillate inventories both rose more than expected in the Department of Energy’s weekly inventory report issued Wednesday. Crude oil supplies were up 1.1 million barrels last week to 328.5 million barrels. Unleaded gasoline supplies were up 300,000 barrels and heating oil supplies were up 1.6 million barrels.

• The U.S. economy grew at an annual rate of 3.8% in the first quarter, the Commerce Department said Wednesday
  

• The United Nations said that they expect the global economy to grow 3% in 2005 and 2006.
  

• The Confederation of British Industry's monthly survey of retail sales registered its most negative score in 22 years.
  
  

• The International Monetary Fund reduced its estimate of German GDP growth in 2006 from 1.8% to 1.3%.
  

• Japan's industrial production was down 2.3% in May, weaker than expected.
  
  

• The Senate Tuesday approved an energy bill that encourages more efficient uses of energy and the development of renewable fuels such as ethanol, though it would do little to immediately ease gasoline, diesel and crude oil prices that are at or close to record highs, Bloomberg reported.