MW: Oil slows advance after weekly inventories data
By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- Crude-oil futures trimmed gains Wednesday after the Energy Information Administration's weekly inventories report showed a deeper-than-expected drop in crude-oil stockpiles last week, but more gasoline in storage than analysts had forecast. Oil for February delivery was up 63 cents at $90.45 a barrel vs. $90.60 a barrel ahead of the 10:30 a.m. Eastern data. A close at these levels would mark the first settlement above $90 for a most-active contract since October 2008. The EIA said oil inventories fell 5.3 million barrels for the week ending Dec. 17. Gasoline inventories rose 2.4 million barrels, while distillate fuel inventories fell 600,000. Analysts polled by Dow Jones Newswires were expecting a 2.3 million-barrel-drop in crude inventories and a 900,000 barrel gain in gasoline inventories.
