MW: Crude oil sinks after EIA shows inventory gain
By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned lower Wednesday after the Energy Information Administration reported a gain in oil, gasoline and distillates inventories last week. Oil for June delivery fell 52 cents, or 0.6%, to $83.33 a barrel. It had traded higher ahead of the 10:30 a.m. data. The Energy Information Administration said crude-oil inventories rose 1.9 million barrels in the latest week. Analysts surveyed by Platts were expecting a more modest gain of 300,000 barrels. Gasoline stockpiles rose 3.6 million barrels versus expectations of a 100,000 gain. Distillate stockpiles added 2.1 million barrels, also above expectations.
