Oil Adds To Gains After EIA Reports 3.4 Million-barrel Rise In Crude Supplies

By Myra P. SaefongMarketWatch Pulse

Oil prices added to earlier gains Wednesday after the U.S. Energy Information Administration reported an increase of 3.4 million barrels in crude supplies for the week ended Oct. 23. Analysts polled by Platts expected supplies to be up by 1.6 million barrels, while those surveyed by The Wall Street Journal looked for a 3.7 million-barrel rise. The American Petroleum Institute Tuesday said inventories rose 4.1 million barrels, according to sources. Gasoline supplies fell by 1.1 million barrels, while distillate stockpiles declined by 3 million barrels last week, according to the EIA. December crude was at $44.85 a barrel, up $1.65, or 3.8 %, on the New York Mercantile Exchange. Prices traded at $44.53 before the report.

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