MW: Crude erases losses as inventories show surprise decline
By Moming Zhou
NEW YORK (MarketWatch) - Crude-oil futures erased earlier losses Wednesday, rising after data showed unexpected decline in U.S. crude inventories. Stockpiles fell 400,000 barrels to 320.4 million in the week ended Nov. 28, U.S. Energy Information Administration reported. Analysts surveyed by energy information provider Platts had expected an increase of 2 million barrels. After the data, crude-oil futures for January delivery rose 0.7% to $47.30 a barrel on the New York Mercantile Exchange. Futures were down 1% before the report. Gasoline supplies dipped by 1.6 million barrels in the latest week, while distillate stocks fell by 1.7 million barrels, the EIA reported.
