MW: Crude turns up as supplies rise less than forecast
By Nick Godt
NEW YORK (MarketWatch) -- Crude oil futures returned above $82 a barrel in mid-morning trade Wednesday after the Energy Information Administration reported a smaller-than-expected increase in U.S. crude supplies and a big drop in gasoline supplies. Crude oil for April delivery was up 54 cents, or 0.6%, at $82.03 a barrel in electronic trade, recovering from earlier losses that saw the contract trade to a morning low of $81.05. Crude oil supplies were up 1.4 million barrels in the week ended March 5, the EIA said. Analysts polled by Platts expected an increase of 2.1 million barrels. The EIA also reported a drop of 2.9 million barrels in gasoline stocks. Analysts polled by Platts expected a decline of 338,000 barrels.
