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Oil gains further after inventories report *(USO)* *PIC*

Oil gains further after inventories report (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to gains Wednesday after a weekly government inventories report showed a rise above expectations but unlike recent steep increases. Crude for May delivery (clk2) rose 90 cents, or 0.9%, to $101.97 a barrel on the New York Mercantile Exchange. It had traded at $101.02 moments before the data release. The Energy Information Administration said crude supplies rose 2.8 million barrels on the week ended April 6. That compares to expectations of a rise of 1.8 million barrels in the week, and comes after two weeks of huge increases. The EIA also reported gasoline supplies declined 4.3 million barrels, and inventories of distillates were down 4 million barrels. The analysts surveyed by Platts had expected gasoline supplies to drop 1.25 million barrels, and distillates supplies to increase 200,000 barrels.