Oil moderates loss after surprise supply decrease (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures on Wednesday slightly pared their losses after a weekly government inventories report showed a suprise decline in supplies. Crude for January delivery lost $2.09, or 2.1%, to $95.91 a barrel on the New York Mercantile Exchange. Prices had traded around $95.59 a barrel before the data. The Energy Information Administration said inventories fell 6.2 million barrels in the week ended Nov. 18. Analysts polled by Platts had expected inventories unchanged. The EIA reported gasoline inventories up 4.5 million barrels, and supplies of distillates down 800,000 barrels. The Platts analysts had forecast gasoline supplies up 1.2 million, and distillates down 1.5 million barrels.