MW: Oil extends gains as inventories show surprise decline
Crude-oil futures extended gains Thursday, rising nearly 6% after data showed a surprise decline in U.S. inventories. Crude oil inventories excluding those in the Strategic Petroleum Reserve fell by 200,000 million barrels in the week ended Feb. 13, the Energy Information Administration reported. Most analysts had expected a buildup of about 2 million to 4 million barrels. After the data, crude for March delivery jumped $2, or 5.8%, to $36.62 a barrel on the New York Mercantile Exchange. It was up less than 3% before the data. Gasoline inventories rose by 1.1 million arrels and distillate stockpiles fell by 800,000 barrels, the EIA reported.
