Oil advances further after EIA supplies report

Crude-oil futures added to gains Wednesday after a government inventories report showed supplies of crude unchanged for the week ended May 13. Oil for June delivery /quotes/comstock/21n!f:clm11 CLM11 +2.83% advanced $2.30, or 2.4%, to $99.13 a barrel on the New York Mercantile Exchange. It had traded at $98.80 a barrel prior to the report. Analysts polled by Platts had expected crude stockpiles to increase 500,000 barrels. Gasoline inventories were up 100,000 barrels, the Energy Information Administration said. Analysts had seen an increase of 550,000 barrels. The agency also said inventories of distillates decreased 1.2 million barrels, whereas analysts had expected an increase of 600,000 barrels.

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- Posted: 2011-05-18 10:38:13

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