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UPDATE: Oil futures edge higher after supply data

UPDATE: Oil futures edge higher after supply data

08/27/2014

By Claudia Assis, MarketWatch , Eric Yep

SAN FRANCISCO (MarketWatch)--Crude-oil futures ended slightly higher Wednesday, with the weekly U.S. supply report showing a decline in stockpiles that was marginally below expectations.

Light, sweet crude futures for delivery in October (CLV4) rose 2 cents, less than 0.1%, to settle at $93.88 a barrel on the New York Mercantile Exchange. Futures are up for two straight sessions.

October Brent crude on London's ICE Futures exchange rose 22 cents, or 0.2%, to end at $102.72 a barrel.

The Energy Information Administration earlier Wednesday reported that U.S. oil supplies declined 2.1 million barrels in the week ended Aug. 22.

Gasoline supplies decreased by 1 million barrel, and distillates stockpiles rose 1.3 million barrels, the EIA added.

Analysts polled by Platts had expected crude supplies to fall 2.5 million barrels. Gasoline stocks were seen down 1.7 million barrels, while distillate stocks were expected to decline 1.2 million barrels, according to Platts.

Meanwhile, talks between the Russian and Ukrainian presidents on Tuesday were inconclusive, and the conflict in eastern Ukraine gained a third, new front, according to media reports.

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