MW: Crude stays up as supplies rise less than expected
By Nick Godt
NEW YORK (MarketWatch) -- Crude oil futures held onto gains Wednesday after the Energy Information Administration reported U.S. crude inventories were up by 1 million barrels in the week ended March 12, less than some analysts expected. Crude oil for April delivery was up 61 cents, or 0.8%, at $82.31 a barrel in electronic trade. Analysts polled by Platts expected an increase of 1.9 million barrels in crude supplies. But the American Petroleum Institute late Tuesday had estimated supplies were up by 403,000 barrels. The EIA also said gasoline supplies fell by 1.7 million barrels and distillate stocks fell by 1.5 million barrels. Analysts polled by Platts expected a decline of 1.5 million barrels in gasoline inventories and a decrease of 1.6 million barrels in distillate supplies.
