The Energy Information Administration on Wednesday reported that U.S. crude inventories edged up by 1.2 million barrels for the week ended Feb. 24. On average, analysts forecasted a climb of 350,000 barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA report also showed a weekly inventory decline of 900,000 barrels for gasoline, while distillate supplies rose by 200,000 barrels. The analyst survey had forecast inventory declines of 300,000 barrels for gasoline and 700,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub climbed by 300,000 barrels for the week, the EIA said. April West Texas Intermediate crude CLJ23, +0.13% was up 14 cents, or 0.2%, at $77.19 a barrel on the New York Mercantile Exchange. It was at $76.67 before the supply data.
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