MW: Oil back at $85 a barrel after EIA surprise draw
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- The U.S. Energy Information Administration on Wednesday said crude-oil stockpiles decreased by 2.2 million barrels in the week ended April 9, contrary to market expectations of another build. Total motor gasoline inventories decreased by 1.1 million barrels, the agency said. Distillates stocks increased by 1.1 million barrels. Analysts polled by Platts expected an increase of 1.6 million barrels in crude supplies last week as well as a build-up of 1 million barrels in distillate stocks. They also projected a decline of 1.26 million barrels in gasoline supplies. Crude for May delivery added to gains following the EIA report; the futures contract gained $1.20, or 1.5%, to $85.27 a barrel.
