WM: U.S. oil inventories rise less than expected, EIA data show
Crude oil futures reduced their earlier losses Wednesday after the U.S. Energy Information Administration reported an increase in last week's crude inventories that was less than analysts had expected. Crude inventories rose 1.7 million barrels in the week ended April 3, the EIA said. Analysts at energy information provider Platts had expected an increase of 2.3 million barrels. After the data, crude for May delivery fell 0.5% to $48.91 a barrel in North American electronic trading. It was down nearly 2% before the data. The EIA also reported gasoline inventories rose 600,000 barrels while distillate stockpiles, which include heating oil and diesel, fell 3.4 million barrels.
