MW: Oil futures rally after supply data show decline
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures shot up after the government's weekly report on supplies showed a surprise decline in oil stockpiles. Crude for November delivery CL1X +0.93% rose 73 cents, or 0.8%, to $89.06 a barrel on the New York Mercantile Exchange. Prices had earlier wavered between small gains and losses. The Energy Information Administration said oil inventories dropped 4.7 million barrels in the week ended Oct. 14. Analysts polled by Platts had expected an increase of 1.75 million barrels. The EIA also reported a decline of 3.3 million barrels in gasoline inventories, and a decrease of 4.3 million barrels in distillates supplies. The analysts surveyed by Platts had expected declines of 1.25 million barrels in gasoline supplies and 1.1 million barrels in distillates stockpiles.
