Oil futures vie for gains after supply report *XLE *PIC*

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Oil futures vie for gains after supply report (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures veered between gains and losses Thursday after a U.S. government report showed a smaller-than-expected supply increase in the week ended Feb. 17. Crude for April delivery (clj2) declined 4 cents to $106.26 a barrel on the New York Mercantile Exchange. It had earlier traded at $106.05 a barrel. The Energy Information Administration reported an increase of 1.6 million barrels; analysts polled by Platts had expected a rise around 1.7 million barrels. The EIA also reported gasoline supplies down 600,000 barrels and distillates inventories down 200,000 barrels. The analysts polled by Platts had expected gasoline stockpiles down 450,000 barrels and distillates stockpiles down 1.8 million barrels. Gasoline futures turned higher after the report, with the March contract (rbh2) advancing 7 cents to $3.10 a gallon.

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