Oil advances more after supply data shows decline (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to gains Wednesday after a weekly government supply report showed a surprise decline in inventories. Crude for November delivery (cl1x) recently rose $2.70, or 3.5%, to $78.33 a barrel on the New York Mercantile Exchange, adding nearly $1 from previous levels. The Energy Information Administration reported a decline of 4.7 million barrels in the week ended Sept. 30, compared to analyst expectations of a rise arouind 2.5 million barrels. The EIA reported gasoline inventories down 1.1 million barrels, and supplies of distillates down 700,000 barrels. Analysts polled by Platts had expected gasoline stockpiles to rise 1.3 million barrels, and distillates supplies to decline 500,000 barrels.