MW: Oil futures higher after smalller supply increase
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned higher Wednesday after a weekly government report showed a smaller-than-expected increase in inventories. Crude for April delivery CLJ2 +0.03% added 23 cents, or 0.2%, to $106.95 a barrel on the New York Mercantile Exchange. It traded at $106.59 moments before the data. The Energy Information Administration said crude supplies rose 1.8 million in the week ended March 9. Analysts polled by Platts had expected an increase of 2.1 million barrels. The EIA also said gasoline stockpiles decreased 1.4 million barrels and inventories of distillates declined 4.7 million barrels. The analysts surveyed by Platts had expected a decline of 1.4 million barrels for gasoline supplies and a decrease of 1.5 million barrels for distillates.
