US Crude Supply Fall Surprises; Oil Reclaims $94
From Market Watch
By Myra P. Saefong and V. Phani Kumar
An unexpected fall in the past week’s U.S. crude inventories helped oil-futures prices settle higher Wednesday, as OPEC left its 2013 global oil demand growth estimate unchanged and confirmed a significant production cut by Saudi Arabia last month.
Light, sweet crude-oil futures for delivery in February CLG3 +0.92% climbed 96 cents, or 1%, to settle at $94.24 a barrel on the New York Mercantile Exchange. Prices, which lost 86 cents on Tuesday, had been trading around $93.52 before the latest supply data.
The U.S. Energy Information Administration reported on Wednesday a 1 million-barrel decline in crude supplies for the week ended Jan. 11. Analysts polled by Platts expected a 2.5 million-barrel climb.
Motor gasoline supplies rose 1.9 million barrels, while distillate stocks added 1.7 million barrels, the EIA report said. Analysts had forecast a rise of 3 million barrels for gasoline inventories and a climb of 1.6 million barrels in distillate supplies, which include heating oil.
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