MW: EIA posts oil supply fall of 1.7 million barrels
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended their gains Wednesday after the Energy Information Administration reported a decline of 1.7 million barrels in U.S. crude supplies for the week ended June 17. The decline was larger than the 81,000-barrel fall reported by the American Petroleum Institute late Tuesday. Motor gasoline supplies fell 500,000 barrels while distillate stocks added 1.2 million barrels in the latest week, the EIA report said. Analysts polled by Platts expected a decrease of 2 million barrels for crude supplies, a rise of 1 million for gasoline and an increase of 800,000 barrels for distillates. Following the news, August crude CL1Q +1.12% was up $1.10 at $95.26 a barrel.
