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EIA reports smaller-than-expected supply increase

EIA reports smaller-than-expected supply increase (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude futures pared some of their gains Wednesday after the Energy Information Administration reported oil inventories rose 2.6 million in the week ended Jan. 28. Crude for March delivery added 28 cents, or 0.3%, to $90.98 a barrel on the New York Mercantile Exchange. It had traded above $91 earlier. The EIA reported increase contrasted with analyst expectations of a rise of 3 million barrels, according to a survey of analysts by Platts. The EIA reported gasoline supplies rose 6.2 million. Analysts polled by Platts had expected a rise of 2 million barrels for gasoline stocks. Distillates declined 1.6 million, in line with expectations of a decline around 1.5 million barrels.

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EIA reports smaller-than-expected supply increase