Oil Adds To Gain After Smaller-than-expected Supply Hike

Crude-oil futures gained further Wednesday after the Energy Information Administration reported U.S. crude supplies rose by a smaller-than-expected 500,000 barrels on the week ended Oct. 31. Analysts polled by Platts had expected an increase by 1.2 million barrels for the week. The EIA also reported gasoline supplies declined by 1.4 million barrels, and supplies of distillates decreased by 700,000 barrels. The analysts surveyed by Platts had expected gasoline inventories to decline 200,000 barrels and stockpiles of distillates, which include heating oil, to fall by 1.1 million barrels. December crude was recently up $1.33, or 1.7%, to $78.50 a barrel on the New York Mercantile Exchange, after closing at a three-year low on Tuesday.