By Austen Sherman
SAN FRANCISCO (MarketWatch) -- U.S. crude oil inventories declined by 3.1 million barrels for the week ending July 8, according to the U.S. Energy Information Administration Wednesday. Following the news, crude oil for August delivery CL1Q +1.05% , the most active contract, rose $1.10, or 1.1%, to $98.53 a barrel on the New York Mercantile Exchange. It was trading lower shortly before the data were released. The EIA also said total gasoline inventories declined by 800,000 barrels and distillate fuel inventories increased by 3 million barrels for the period. Analysts surveyed by Platts expected crude oil stockpiles to decline by 2.1 million barrels, gasoline to increase by 700,000 barrels, and distillate inventories to increase by 800,000 barrels. August gasoline RB1Q +1.90% rose 1.5% to $3.14 a gallon on Nymex.
