FRX: Crude futures rise above $71 ahead of petroleum inventories
Crude-oil futures topped $71 a barrel early Wednesday, gaining after the American Petroleum Institute reported unexpected declines in crude and distillate inventories for last week. Crude for November delivery gained 47 cents to stand at $71.35 a barrel in electronic trading on Globex. The contract earlier hit an intraday high of $71.76 a barrel. Late Tuesday, the Washington-based API said crude inventories fell by 254,000 barrels for the week ended Oct. 2, while motor gasoline stockpiles rose by 544,000 barrels. Distillates declined by 2.9 million barrels, the API's data showed. The Energy Information Administration will report its more closely watched update on U.S. petroleum... Full Story
