MW: Oil drifts lower after surprise inventories drops
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude oil and gasoline futures wavered Wednesday after a government report showed a surprise decline in inventories of both products. Crude for November delivery, which turned higher immediately after the report, drifted lower and more recently retreated 30 cents to $75.86 a barrel on the New York Mercantile Exchange. Gasoline for November delivery retreated less than a penny to $1.93 a gallon. The Energy Information Administration said crude-oil inventories declined half a million for the week ended Sept. 24. Gasoline reserves decreased 3.5 million barrels, while stocks of distillates declined 1.3 million. Analysts polled by Platts had expected crude inventories to rise 2.2 million barrels, while gasoline stockpiles were seen adding 800,000 barrels and distillates increasing by 400,000 barrels.
