MW: Oil gains after lower-than-expected supply hike
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to earlier gains Wednesday as a government agency reported a smaller-than-expected increase in the nation's stockpiles of crude. Oil for November delivery added $1.54, or 1.9%, to $81.03 a barrel. It had traded a tad under $80 before the report. The Energy Information Administration said inventories were up 700,000 barrels on the week ended Oct. 15. Gasoline stocks increased 1.2 million barrels. Distillates supplies decreased 2.2 million barrels. Analysts polled by Platts expected an increase of 2.1 million barrels. Stockpiles of gasoline were seen declining 1.2 million, while stockpiles of distillates were expected to decline 1.3 million.
