Prices on crude, gasoline, heating oil drop on inventory data

New inventories data released Wednesday by the Energy Information Administration showed that crude oil stockpiles in the United States rose by 1.4 million barrels in the week ending February 23, not as much as the 1.9 billion barrel gain that had been anticipated. In addition, gasoline inventories dropped by 1.9 million barrels in the week, about the decline that had been expected, while distillates inventories dropped a million more barrels that had been predicted, falling 3.8 million barrels in the week instead of the expected 2.8 million barrels.

Despite the updated figures, crude oil prices were lower on the session. Brent crude for April delivery was 73 cents lower to $60.63 per barrel in London, while April contracts for West Texas Intermediate crude dropped $1.03 to $60.43 per barrel. In addition, Nymex March heating oil dropped 3 cents to $1.75003 per gallon, while Nymex March RBOB gasoline fell 2.2 cents to trade at $1.7940 per gallon in afternoon trade.