MW: Oil resumes move upward, shrugs off EIA report
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures pared some of their gains Wednesday immediately following a report showing a higher-than-expected increase in crude-oil inventories, but resumed their upward trajectory shortly after. Crude oil for July delivery most recently gained $2, or 2.9%, to $70.74 a barrel. The Energy Information Administration data showed an increase of 2.4 million barrels in the week ended May 21, whereas analysts surveyed by Platts had expected an increase of 100,000 barrels. Gasoline stocks fell 200,000 barrels, while distillates stocks fell 300,000 barrels, the EIA said. The analysts polled by Platts had expected increases of 150,000 barrels for gasoline and 200,000 for distillates, which include heating oil and diesel.
