Oil Rises as Diesel Inventories Decline
Oil rose Wednesday following a Department of Energy report that showed diesel supplies fell sharply last week, Bloomberg reported.
DOE reported that distillate inventories, which include diesel, fell by 4.7 million barrels for the week ended Saturday, well over the 1.5 million-barrel decline that was forecast by economists, Bloomberg said.
Benchmark light sweet crude futures rose 22 cents to $106.93 a barrel on the New York Mercantile Exchange following DOE’s report.
Gasoline supplies fell 1.4 million barrels, a bigger drop than the 1 million barrel decline forecast, Bloomberg said.
Crude supplies rose 1.8 million barrels, slightly higher than the 1.6 million barrel increase that was forecast.
