MW: Oil keeps losses after EIA says oil stocks dropped
By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- U.S. oil futures held to modest losses Wednesday after the Energy Information Administration reported crude-oil inventories fell 3.4 million barrels in the week ended June 10 from the previous week. Analysts polled by Platts had expected a drawdown of 1.9 million barrels, and the American Petroleum Institute reported late Tuesday an estimated drop of 3 million barrels. Oil for July delivery CL1N -0.08% was down 18 cents, or 0.2%, to $99.14 a barrel. It had traded lower before the report following a rash of weak U.S. economic reports. The EIA also estimated gasoline inventories rose about 600,000 -- compared to forecasts of a rise of 1.3 million barrels -- and distillate stocks down 100,000 vs. an expected rise of 1.1 million barrels.
