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TFC Commodity Trading Forum

Oil tops $110 a barrel after inventories report *PIC*

Oil tops $110 a barrel after inventories report (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to gains Wednesday after the Energy Information Administration reported oil inventories declined 2.3 million barrels in the week ended April 15. Crude for June delivery (clm11) added $1.80, or 1.7%, to $110.13 a barrel on the New York Mercantile Exchange. Analysts polled by Platts had expected an increase in inventories by 1.6 million barrels. Gasoline stockpiles decreased 1.6 million barrels, the EIA said. The analysts had expected a decline of 2.1 million barrels. Distillates stocks decreased 2.5 million barrels, the EIA said, against expectations of an increase by 550,000 barrels.