Oil pares loss as us gasoline supply slips, crude climbs

Oil price regained losses after government data showed that US gasoline supplies unexpectedly slipped. — Reuters pic
Oil price regained losses after government data showed that US gasoline supplies unexpectedly slipped. — Reuters pic

NEW YORK, Feb 8 — Oil pared losses after government data showed that US gasoline supplies unexpectedly slipped, while crude stockpiles increased the most since October.

Gasoline stockpiles fell 869,000 barrels, pushing refining margins higher. Crude inventories climbed 13.8 million barrels in the week ended Feb. 3, the Energy Information Administration said. That was in line with the industry-funded American Petroleum Institute, which reported yesterday a 14.2 million-barrel increase.

West Texas Intermediate for March delivery slipped 15 cents to US$52.02 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Brent for April settlement rose 4 cents to US$55.09 on the London-based ICE Futures Europe exchange. — Bloomberg

Related Articles