EIA Reports a Smaller-than-expected Climb In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

The U.S. Energy Information Administration on Wednesday reported an eighth straight weekly increase in domestic crude-oil supplies, but it was smaller than the market expected. Crude inventories rose by 1.5 million barrels for the week ended Feb. 24. The American Petroleum Institute late Tuesday reported a 2.5 million-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.1 million barrels. Gasoline supplies declined by 500,000 barrels, while distillate stockpiles fell 900,000 barrels last week, according to the EIA. April crude was up 32 cents, or 0.6%, at $54.33 a barrel on the New York Mercantile Exchange. It was trading at $54.28 before the supply data.

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