MW: Crude inventories fall more than expected: EIA
Crude-oil futures rose Wednesday after government data showed U.S. crude inventories fell more than expected last week. Crude inventories decreased by 2.1 million barrels in the week ended May 15, the Energy Information Administration reported. Analysts surveyed by Platts had expected a gain of 1.5 million barrels. Meanwhile, gasoline inventories fell by 4.3 million barrels and distillate stockpiles rose by 600,000 barrels. After the data, crude for July delivery rose $1.38, or 2.3%, to $61.48 a barrel on the New York Mercantile Exchange.
