EIA reports 4 million-barrel rise in crude supplies
The U.S. Energy Information Administration reported on Thursday that crude inventories rose by 4 million barrels for the week ended Jan. 15. The American Petroleum Institute on Wednesday reported a 4.6 million-barrel climb, according to sources. Analysts polled by Platts expected supplies to be up 2.9 million barrels. Gasoline supplies climbed by 4.6 million barrels, while distillate stockpiles fell by 1 million barrels last week, according to the EIA. Oil prices initially turned lower after the supply report, then moved higher again as traders mulled the data. March crude was last at $28.95 a barrel on the New York Mercantile Exchange, up 60 cents, or 2.3%. Prices traded at $28.42 before the data.
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