Oil prices extend gains as U.S. supply slips

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In Response To: Crude-oil supplies down 1.08 mln barrels: API *PIC* ()

Oil prices extend gains as U.S. supply slips (CLJ11) (by Myra P. Saefong)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended their gains Wednesday after the Energy Information Administration reported an unexpected decline in last week's U.S. crude supplies. Crude supplies were down 400,000 barrels for the week ended Feb. 25 to stand at 346.4 million, according to the EIA. Motor gasoline supplies fell 3.6 million barrels and distillate stocks lost 800,000 barrels in the latest week. Analysts polled by Platts had expected crude stocks to be up 1.6 million barrels, and gasoline stocks to increase 900,000 barrels. Distillates supplies were seen down 1.8 million barrels. Following the news, April crude (CLJ11) was up $1.08 at $100.71 a barrel.

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Oil prices extend gains as U.S. supply slips

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