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EIA shows expected supply increase, oil holds gain

EIA shows expected supply increase, oil holds gain (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures held to gains after the Energy Information Administration on Wednesday showed an increase for oil inventories within analyst expectations. Crude for May delivery (clk11) most recently gained 57 cents to $105.57 a barrel on the New York Mercantile Exchange. The EIA said inventories of crude oil rose 2.1 million barrels for the week ended March 18. Analysts polled by Platts had expected an increase of 2 million barrels. Gasoline stockpiles declined 5.3 million barrels, the EIA said. That constrasted with expectations of a drawdown of 2 million, according to Platts. Distillates were flat for the week; the analysts had seen a decline of 1.5 million barrels.

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EIA shows expected supply increase, oil holds gain