Oil Futures Rise After API Inventory Data

Crude-oil futures advanced in Asian trading Wednesday after data showed a smaller-than-expected increase in weekly U.S. inventories, despite mild gains for the dollar.

Light, sweet crude-oil futures for delivery in February climbed 33 cents, or 0.4%, to $93.61 a barrel in electronic trading, after figures released by the American Petroleum Institute late Tuesday in the U.S. showed stockpiles increased by just 46,000 barrels in the week ended Jan. 11.

Analysts surveyed by Platts had anticipated an increase of 2.5 million barrels.

The more closely-watched weekly inventory data from the U.S. Energy Information Administration is due later on Wednesday.

The front-month contract had settled 86 cents lower in regular trading on the New York Mercantile Exchange Tuesday.

February gasoline futures  slipped 0.1% to $2.71 per gallon, while the heating-oil contract for delivery in the same month  rose 0.6% to $3.03 a gallon.

February natural gas futures  fell 0.2% to $3.45 per million British thermal units.

The ICE dollar index , which measures the U.S. currency against a basket of six major global rivals, traded at 79.739, up from 79.721 in North America late Tuesday.

U.S. equity index futures were mixed, with Dow Jones Industrial Average  futures down 9 points, or 0.1%, to 13,454, while Nasdaq 100  futures added 0.2% to 2,718.50.

Marketwatch