The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 2.4 million barrels for the week ended Jan. 21, following a 500,000-barrel increase the week before. On average, analysts had forecast a fall of 2.1 million barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported an 872,000 million-barrel decline, according to sources. The EIA also reported a weekly inventory climb of 1.3 million barrels for gasoline, while distillate stockpiles fell by 2.8 million barrels. The S&P Global Platts survey expected a supply gain of 2.2 million barrels for gasoline and an inventory decline of 1.6 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 1.8 million barrels for the week. March West Texas Intermediate crude was up $1.45, or 1.7%, at $87.05 a barrel on the New York Mercantile Exchange. It traded at $86.97 before the supply data.
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