MW : Crude erases losses as data show rising demand
NEW YORK (MarketWatch) -- Crude oil erased earlier losses Wednesday and gasoline futures extended gains, after government data showed a surprising decrease in gasoline inventories last week as demand rose. Gasoline inventories fell by 1.6 million barrels in the week ended Sept. 25, as demand rose 3.8% to 9.13 million barrels a day, the Energy Information Administration reported. Analysts surveyed by Platts had expected a buildup of 1.2 million barrels in gasoline inventories. After the data, November crude futures rose 33 cents, or 0.5%, to $67.04 a barrel. It was down 0.4% before the data. October gasoline futures gained nearly 2% to $1.7092 a gallon. The EIA also reported an increase of 2.8 million barrels in crude inventories and a buildup of 300,000 in distillate stockpiles, which include diesel and heating oil.
