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OIl heads higher as Gold touches $1100 |
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Crude extends gains after EIA petroleum data
NEW YORK (MarketWatch) -- Crude futures extended gains Wednesday after government data showed surprising declines in crude and gasoline inventories last week as demand moved higher. Crude inventories fell 4 million barrels in the week ended Oct. 30, and gasoline inventories decreased 300,000 barrels, the Energy Information Administration reported. Analysts surveyed by Platts had expected a modest gain in both fuels. The EIA also reported a 400,000 decline in distillate inventories, which include heating oil and diesel. Demand for gasoline rose 1.8% to 9 million barrels a day, EIA data showed. After the data, December crude futures rose 1.5% to $80.75 a barrel. Futures were up less than 1% before the data |
