By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures pared down losses Wednesday after a weekly government report showed inventories higher than expected but a large decrease for gasoline supplies. Crude for May delivery CLK2 -0.16% retreated 19 cents, or 0.2%, to $103.99 a barrel on the New York Mercantile Exchange. The contract had traded at $103.58 moments before the data release. The Energy Information Administration said crude inventories rose 3.9 million barrels in the week ended April 13. That contrasts with expectations of a rise around 400,000 barrels according to analysts polled by Platts. The EIA also said gasoline supplies decreased 3.7 million barrels, and distillates stockpiles decreased 2.9 million barrels. The Platts analysts had expected distillates supplies unchanged, and gasoline inventories up 140,000 barrels.
