EIA supply data show crude rise, gasoline drop
SAN FRANCISCO -- Oil futures rose, but traded below $93/bbl Wednesday after the U.S. Energy Information Administration reported a climb in crude supplies along with a bigger-than-expected drop in gasoline inventories. Crude supplies rose 2.6 MMbbl for the week ended March 8.
Analysts polled by Platts expected a 2.3 MMbbl-climb. Motor gasoline supplies decreased by 3.6 MMbbl, while distillate stockpiles rose by 100,000 bbl, the EIA report said. Analysts expected a decline of 1.5 MMbbl for gasoline stockpiles and a 2 MMbbl fall in distillate supplies.
Dow Jones Newswires