MW: Oil modestly adds to losses after inventory data
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Oil futures accelerated its losses following an inventory report that showed a larger-than-expected increase in crude inventories. The Energy Information Administration reported Wednesday an increase in crude-oil stockpiles by 2 million barrels in the week ending April 2, while analysts polled by Platts expected an increase of 1.5 million barrels. Crude oil for May delivery lost 40 cents to $86.44 a barrel, modestly adding to earlier losses following the report. The EIA also reported a decrease in gasoline inventories by 2.5 million, while analysts had projected a decline of 1 million barrels. The agency reported an increase in distillates, which include heating oil and diesel, by 1.1 million barrels, while analysts expected a drop of 1.5 million barrels.
