Wednesday, February 9, 2011

Crude oil futures rise ahead of U.S. supply data

By Steve Gelsi

NEW YORK (MarketWatch) -- Crude oil futures rose 31 cents, or 0.4%, to $87.25 on Wednesday, ahead of weekly crude oil supply data from the U.S. Energy Information Administration. Analysts expect crude oil stocks to rise by 2.4 million barrels and gasoline supplies gasoline supplies to increase by 3.1 million barrels, according to a survey by Platts. On Tuesday, crude for March delivery /quotes/comstock/21n!f:cl\h11 (CLH11 87.39, +0.45, +0.52%) added 39 cents, or 0.4%, to $87.84 a barrel on the New York Mercantile Exchange. The American Petroleum Institute said crude-oil supplies fell 558,000 barrels in the week ended Feb. 5, compared to the analyst expectations of an increase of 2.4 million barrels.

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