March 20, 2013 at 13:00 PM EDT
Data shows surprise fall in crude supplies
Wednesday, March 20, 2013 Data shows surprise fall in crude supplies Oil futures gained more ground Wednesday after the U.S. Energy Information Administration reported a surprise decline in crude supplies. Crude supplies fell 1.3 million barrels for the week ended March 15. Analysts polled by Platts expected a two-million-barrel climb. Motor gasoline supplies decreased by 1.5 million barrels, while distillate stockpiles fell by 700,000 barrels, the EIA report said. Analysts forecast a fall of 2.5 million barrels in gasoline inventories and a decline of 1.5 million barrels in distillate supplies. Following the latest data, April crude traded at $92.68 U.S. a barrel, up 52 cents, or 0.6%. It was trading around $92.59 U.S. shortly before the report. The American Petroleum Institute reported late Tuesday a 413,000-barrel fall in crude supplies.
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