Oil Futures Erase Gains After Rise In Weekly Crude Inventories

Oil futures erased gains Thursday after the Energy Information Administration reported that U.S. crude inventories rose 2.1 million barrels in the week ended Feb. 12. Analysts surveyed by oil-data firm Platts had forecast a rise of 3.3 million barrels. The EIA said gasoline inventories rose by 3 millin barrels last week while distillate inventories rose 1.4 million barrels. The Platts survey found expectations for a 1 million barrel fall in gasoline stocks and a 1.8 million barrel decline in distillate stocks. March crude oil futures were up just 1 cent at $30.67 a barrel following the data, after trading as high as $31.98 in earlier activity.