MW: Oil higher after EIA data show drop in inventories
By Moming Zhou
NEW YORK (MarketWatch) - Crude futures remained higher Wednesday after government data showed U.S. crude inventories fell last week as refiners used more oil to produce petroleum products and as crude imports declined. Crude inventories fell 3.8 million barrels in the week ended Dec. 4, the Energy Information Administration reported. Gasoline inventories, however, rose 2.2 million barrels, as more gasoline was produced than what's needed. Distillate stockpiles, which include heating oil and diesel, also rose 1.6 million barrels. Crude for January delivery erased gains immediately after the data, but it has risen back recently, up 0.6% at $73.04 a barrel.
