Gasoline Pulls Oil Higher as Traders Shrug Off Crude Supply Gain
- Crude stockpiles climbed 13.8 million barrels last week: EIA
- Gasoline supplies fell 869,000 barrels as refineries slowed
Oil Declines on Projected U.S. Crude Stockpiles
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Oil was pulled higher by a surge in gasoline after U.S. motor fuel supplies unexpectedly fell last week, shrugging off the biggest crude supply gain since October.
Gasoline stockpiles fell 869,000 barrels, pushing refining margins more than $2 a barrel higher. Demand climbed the most in a year. Crude inventories climbed 13.8 million barrels in the week ended Feb. 3 as imports increased, the Energy Information Administration said. That was in line with the industry-funded American Petroleum Institute, which reported Tuesday a 14.2 million-barrel increase.