Oil Adds To Gains; Supply Report In Line With Forecast

U.S. crude-oil inventories increased by 2.1 million barrels in the week ended Oct. 24, the Energy Information Administration reported Wednesday. That was slightly below expectations of analysts polled by Platts, which had forecast an increase by 2.8 million barrels. Supplies of gasoline declined by 1.2 million, and distillates supplies decreased by 5.3 million, the EIA reported. Oil for December delivery was recently up 89 cents, or 1.1%, to $82.32 a barrel on the New York Mercantile Exchange. The contract added to gains after the report.