MW: EIA reports 6.9-million-barrel crude supply drop
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Oil futures climbed Wednesday shortly after a U.S. government report said crude supplies dropped nearly three times more than expected last week. The Energy Information Administration reported a 6.9-million-barrel fall in crude stockpiles for the week ended July 12. Analysts polled by Platts were looking for a 2.5 million-barrel decline. The American Petroleum Institute late Tuesday had reported a decline of 2.6 million barrels. Gasoline supplies rose by 3.1 million barrels, while distillate stockpiles gained 3.9 million barrels, the EIA said. Gasoline stockpiles were expected to be unchanged for the week, while forecasts called for an increase of 1.8 million barrels for distillates. Following the latest data, August crude CLQ3 +0.11% traded at $106.07 a barrel, up 7 cents, or 0.1%. It was trading little changed at $106 shortly before the report.
