Oil pares gains as gov't reports supply rises
Wednesday, January 09, 2013 Oil pares gains as gov't reports supply rises Oil futures pared gains Wednesday after the U.S. Energy Information Administration reported a 1.3-million-barrel climb in crude supplies for the week ended Jan. 4. Analysts polled by Platts expected a 1.5-million-barrel climb. Motor gasoline supplies jumped 7.4 million barrels, while distillate stocks rose 6.8 million barrels, the EIA report said. Analysts had forecast a rise of 2.6 million barrels for gasoline inventories and a climb of 1.5 million barrels in distillate supplies. Following the latest data, February crude traded at $93.20 U.S. a barrel, up five cents. It was trading around $93.45 U.S. ahead of the report. The American Petroleum Institute reported late Tuesday that crude supplies rose 2.4 million barrels last week.
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