MW: Oil pares gains as government reports supply rise
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Oil futures pared gains Wednesday after the U.S. Energy Information Administration reported a 1.3 million-barrel climb in crude supplies for the week ended Jan. 4. Analysts polled by Platts expected a 1.5 million-barrel climb. Motor gasoline supplies jumped 7.4 million barrels, while distillate stocks rose 6.8 million barrels, the EIA report said. Analysts had forecast a rise of 2.6 million barrels for gasoline inventories and a climb of 1.5 million barrels in distillate supplies. Following the latest data, February crude CLG3 -0.29% traded at $93.20 a barrel, up 5 cents. It was trading around $93.45 ahead of the report. The American Petroleum Institute reported late Tuesday that crude supplies rose 2.4 million barrels last week.
