MW: Oil turns higher after bulllish supplies report
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned higher Wednesday as a weekly inventories report showed a larger-than-expected decline. Oil for November delivery CL1X -0.05% added 14 cents, or 0.1%, to $87.04 a barrel on the New York Mercantile Exchange. It had traded at $86.13 a barrel moments before the report. The Energy Information Administration reported a decline of 7.3 million barrels in the nation's supplies in the week ended Sept. 16. Analysts had expected a decline between 1 and 2 million barrels. Gasoline supplies rose 3.3 million barrels, and inventories of distillates, which include heating oil and diesel, were down 900,000 barrels. Analysts polled by Platts had expected gasoline stockpiles to be up 800,000 barrels, and distillates supplies to rise 1.2 million barrels.
