Oil higher after EIA reports drop in U.S. crude inventories

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Oil futures held gains Wednesday after the Energy Information Administration reported a 5.9 million barrel drop in U.S. crude inventories in the week ended Dec. 16. The EIA said gasoline stocks rose 2.5 million barrels, while distillate supplies fell by around 200,000 barrels. Analysts surveyed by S&P Global Commodity Insights, on average, had looked for crude inventories to rise by 600,000 barrels, while gasoline supplies were seen up 1.6 million barrels and distillates down 400,000 barrels. The American Petroleum Institute, an industry trade group, had reported a 3.1 million barrel drop in crude inventories late Tuesday, according to a source citing the data. West Texas Intermediate crude for February delivery CL.1, +2.42% CLG23, +2.23% rose $1.59, or 2.1%, to $77.82 a barrel on the New York Mercantile Exchange.

This article was originally published by Marketwatch.com. Read the original article here.

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