MW: Oil pares loss after supply is within expectations
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil prices trimmed their losses on Wednesday after a government report on supplies came mostly within expectations. Crude oil for October delivery retreated $1.42, or 1.9%, to $75.40 a barrel on the New York Mercantile Exchange. Prices hovered around $75.33 a barrel just before the announcement. The Energy Information Administration reported crude oil stockpiles fell 2.5 million barrels for the week ended Sept. 10. Analysts polled by Platts had expected crude oil stocks to decline by 2.25 million barrels. Gasoline stocks declined 700,000 barrels, close to the forecast 400,000 barrels decline. Supplies of distillates, which include diesel and heating oil, dropped 300,000 barrels. Analysts surveyed by Platts had forecast a rise of 800,00 barrels.
