Oil trades higher after bullish supply report *XLE *PIC*

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Oil trades higher after bullish supply report (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures on Wednesday turned higher after a weekly U.S. government supply report showed a smaller-than-expected increase. Crude for April delivery (clj2) rose 24 cents, or 0.2%, to $104.93 a barrel on the New York Mercantile Exchange. Prices had traded at $104.51 a barrel moments before the report. The Energy Information Administration said oil supplies increased 800,000 barrels in the week ended March 2. Analysts polled by Platts had expected an increase of 2 million barrels. The EIA also said gasoline stockpiles declined 400,000 barrels, and supplies of distillates were down 1.9 million barrels. The Platts analysts had seen gasoline stocks down 1.75 million barrels and distillates supplies down 1.5 million barrels.

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