Oil higher after unexpected supply decrease (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to gains Wednesday after a weekly government inventories report showed a surprise decrease in supplies. Crude for October delivery (cl1v) rose 53 cents, or 0.8%, to $86.12 a barrel on the New York Mercantile Exchange. The Energy Information Administration reported a decline of 2.2 million barrels in the week ended Aug. 19. Analysts polled by Platts had expected crude stocks to climb 2 million barrels. The EIA said gasoline stockpiles increased 1.4 million barrels, and stockpiles of distillates increased 1.7 million barrels. The analysts had seen gasoline inventories down 1.4 million and distillates supplies up 1.3 million.