Crude Extends Gain on Bigger-Than-Forecast U.S. Supply Decrease

Dec 27, 2013 11:03 am ET

Dec. 27 (Bloomberg) -- Oil futures extended gains after the U.S. Energy Information Administration said stockpiles decreased 4.73 million barrels to 367.6 million last week.

Inventories were forecast to slip 2.65 million barrels, according to the median of 10 analyst estimates in a Bloomberg survey before the report at 11 a.m. in Washington, two days later than usual because of the Christmas holiday. The industry- funded American Petroleum Institute said Dec. 24 that supplies increased 716,000 barrels last week to 368.5 million.

Crude oil for February delivery advanced $1, or 1 percent, to $100.55 a barrel at 11:01 a.m. on the New York Mercantile Exchange. Oil traded at $100.38 a barrel before the report.

--Editors: Margot Habiby, Charlotte Porter