Economy- Oil prices score first gain in three sessions – Futures Movers – MarketWatch

Posted: September 13, 2013 in Uncategorized

Sept. 11, 2013

SAN FRANCISCO (MarketWatch) — Oil futures on Wednesday scored their first gain in three sessions, finding modest support in the wake of a two-session drop of almost 3% as traders weighed progress toward avoiding a U.S. military strike on Syria.

A U.S. government report showing a smaller-than-expected fall in crude supplies and a surprise increase in gasoline inventories kept a cap on oil’s gains.

Crude oil for October delivery CLV3 -0.70% climbed 17 cents, or 0.2%, to settle at $107.56 a barrel on the New York Mercantile Exchange. Prices tallied a drop of 2.8% on Monday and Tuesday.

Prices turned lower shortly after the government supply data were released then recovered.

“Trading today was pretty choppy as we continue to keep our eyes and ears open on any new developments on the situation in Syria,” said John Macaluso, research analyst at Tyche Capital Advisors.

The U.S. Energy Information Administration Wednesday reported that crude stockpiles for the week ended Sept. 6 fell by 200,000 barrels. Analysts polled by Platts were looking for a decline of 2 million barrels.

Gasoline supplies rose 1.7 million barrels, contrary to expectations for a decline of 1 million barrels. Distillate stockpiles, which include heating oil, added 2.6 million barrels, while forecasts called for an increase of 800,000 barrels.

On Nymex, October gasoline RBV3 -0.17%  fell 2 cents, or 0.9%, to $2.71 a gallon, while October heating oil HOV3 -0.59%  rose half a cent to $3.07 a gallon.

Data late Tuesday from the American Petroleum Institute showed that crude supplies fell 2.9 million barrels last week.

In London, October Brent crude UK:LCOV3 -0.37% , the European benchmark, gained 25 cents, or 0.2%, to $111.50 a barrel on ICE Futures.

via Oil prices score first gain in three sessions – Futures Movers – MarketWatch.

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