Oil moderates gains after EIA report (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures pared gains slightly Wednesday after the Energy Information Administration reported a larger-than-expected decline in oil inventories but above-expectation increases for gasoline and distillates. Crude for February delivery added 57 cents, or 0.6%, to $91.79 a barrel on the New York Mercantile Exchange; oil had traded around $91.92 a barrel shortly before the report's release. The EIA said oil inventories dropped 2.2 million barrels, against estimates of a decline around 300,000 barrels according to analysts polled by Platts. Gasoline supplies increased 5.1 million barrels, compared to expectations of a rise around 2.9 million barrels. Stockpiles of distillates rose 2.7 million barrels; the analysts expected an addition of 1.6 million barrels.