Oil Rises to $108 Following DOE Report
Oil rose past $108 a barrel Wednesday following an Energy Department report that showed declines in fuel inventories last week, Bloomberg reported.
Oil gained $1.40 to top $108 a barrel in early New York Mercantile Exchange trading, after closing at $106.61 Tuesday, Bloomberg said.
Crude inventories fell 1.5 million barrels for the week ended Saturday, DOE said in its weekly report. Analysts had forecast supplies to fall by 2.5 million barrels, Bloomberg reported.
Gasoline stockpiles dropped 5.9 million barrels, which was a bigger drop than the 3.6-million-barrel decline forecast by analysts, Bloomberg said.
Distillate fuels, which include diesel and heating oil, fell by 4.2 million barrels for the week, DOE said.
