MW: Oil extends losses as heating-oil inventories jump
Crude-oil futures extended losses Wednesday after data showed U.S. inventories of heating oil rose more than expected. The Energy Information Administration reported Wednesday that distillate inventories, including heating oil and diesel, rose 6.4 million barrels in the week ended Jan. 9, much higher than the 1.7 million gain expected by analysts surveyed by energy information provider Platts. Meanwhile, gasoline inventories rose 2.1 million barrels and crude-oil stockpiles gained 1.2 million barrels. Analysts had expected gains of 3 million and 1.8 million, respectively. After the data, crude for February delivery lost 3.7% to $36.35 a barrel on the New York Mercantile Exchange. It was down less than 2% before the data.
