Oil Futures Gain After EIA Reports Declines In U.S. Gasoline, Distillate Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures gained on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies climbed, but inventories of gasoline and distillates, which include heating oil and diesel, declined in the week ended Aug. 5. Crude supplies rose 1.1 million barrels. That was contrary to the 1.75 million-barrel fall expected by analysts polled by S&P Global Platts, but the American Petroleum Institute late Tuesday reported a larger climb of 2.1 million barrels, according to sources. Gasoline supplies fell 2.8 million barrels, while distillate stockpiles declined by 2 million barrels last week, according to the EIA. September crude tacked on 51 cents, or 1.2%, from Tuesday's settlement to trade at $43.28 a barrel on the New York Mercantile Exchange. Prices traded at $42.98 before the data.

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