MW: Oil keeps lower after deeper inventory decrease
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures held on to losses Wednesday after a government report showed a larger-than-expected decrease in oil inventories. Crude for September delivery retreated 50 cents, or 0.6%, to $82.03 a barrel on the New York Mercantile Exchange. The Energy Information Administration reported a draw of 2.8 million barrels for the week ended July 30; analysts polled by Platts had expected a decline around 1.2 million barrels. The EIA reported gasoline stocks rose 700,000 barrels, which compares with expectations of a decline around 870,000. Stocks of distillates increased 2.2 million barrels, the EIA said. Analysts surveyed by Platts had expected a rise of 1.2 million. Oil has rallied this week, hitting a 12-week high on Tuesday.
