Oil Futures Hold Gains After EIA Reports a Rise Of 6.5 Million Barrels In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures held onto most of their earlier gains on Wednesday afterthe U.S. Energy Information Administration reported an increase of 6.5 million barrels in domestic crude-oil supplies for the week ended Jan. 27. The American Petroleum Institute late Tuesday reported a rise of 5.8 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.2 million barrels. Gasoline supplies rose by 3.9 million barrels, while distillate stockpiles gained 1.6 million barrels last week, according to the EIA. March crude traded up 21 cents, or 0.4%, at $53.02 a barrel on the New York Mercantile Exchange.

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