Crude oil rallies after supplies drop by 3.9 mln barrels
NEW YORK (MarketWatch) -- Crude supplies fell by 3.9 million barrels to 312.7 million barrels in the week ending Oct. 26, the Energy Department said on Wednesday. After the data, crude oil for December delivery rallied $2.60, nearly 3%, at $92.98 a barrel on the New York Mercantile Exchange. Gasoline supplies rose by 1.3 million barrels to 195.1 million barrels in the latest week, while distillate stocks grew by 800,000 barrels to 135.3 million barrels, the Energy Department said. On Nymex, November reformulated gasoline surged 6.29 cents, nearly 3%, at $2.32 a gallon and November heating oil rallied 6.43 cents at $2.4889 a gallon.