January 16, 2013 at 12:00 PM EST
Oil adds to gains after unexpected supply fall
Wednesday, January 16, 2013 Oil adds to gains after unexpected supply fall Oil futures added to gains Wednesday after the U.S. Energy Information Administration reported a one-million-barrel decline in crude supplies for the week ended Jan. 11. Analysts polled by Platts expected a 2.5-million-barrel climb. Motor gasoline supplies rose 1.9 million barrels, while distillate stocks added 1.7 million barrels, the EIA report said. Analysts had forecast a rise of three million barrels for gasoline inventories and a climb of 1.6 million barrels in distillate supplies. Following the latest data, February crude traded at $93.88 U.S. a barrel, up 60 cents. It was trading around $93.52 U.S. ahead of the report. The American Petroleum Institute reported late Tuesday that crude supplies rose 46,000 barrels last week.
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