MW: Crude rises on sharp drop in gasoline inventories
NEW YORK (MarketWatch) -- Crude oil and gasoline futures rose Thursday after government data showed a surprisingly big drop in gasoline inventories as refineries cut their production to the lowest level in more than a year. Gasoline inventories fell by 5.2 million barrels in the week ended Oct. 9, the Energy Information Administration reported. Analysts polled by Platts had expected a modest buildup. Gasoline production fell to 8.45 million barrels a day last week, the lowest level since last September. Distillate inventories, which include diesel and heating oil, also fell, down 1.1 million barrels, while crude inventories rose 400,000 barrels. After the data, crude for November delivery rose 1.1% to $76.02 a barrel, and gasoline for November delivery rallied 2.5% to $1.9026 a gallon.
