WTI Oil Climbs After EIA Reports An Unexpected Fall In Crude Supplies

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures turned higher Wednesday after the U.S. Energy Information Administration reported a surprise decline in weekly supplies of crude oil. Crude inventories fell by 800,000 barrels for the week ended Feb. 5. The American Petroleum Institute on Tuesday reported a 2.4 million-barrel increase, according to sources. Analysts polled by Platts expected a rise of 3.2 million. Gasoline and distillate supplies each climbed by 1.3 million barrels, the EIA said. March crude was at $28.58 a barrel on the New York Mercantile Exchange, up 64 cents, or 2.3%. Prices traded at $28.09 before the data.

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