Oil Extends Gains After EIA Reports 3.9 Million-barrel Rise In U.S. Crude Supplies

By Markets MarketWatch Pulse

Oil futures extended their gains on Wednesday after the U.S. Energy Information Administration reported a 3.9 million-barrel rise in crude-oil supplies for the week ended March 4. That was less the 4.4 million-barrel increase reported by the American Petroleum Institute, and a little above the rise of 3 million barrels expected by analysts polled by Platts. Gasoline supplies fell by 4.5 million barrels, while distillate stockpiles declined 1.1 million barrels last week, according to the EIA. April crude was at $37.66 a barrel on the New York Mercantile Exchange, up $1.16, or 3.2%. Prices traded at $37.19 before the data.

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