Posted AT 3:28 PM EDT on 02/02/05
U.S. oil supplies decline
Crude oil futures traded above $47 (U.S.) a barrel Wednesday as the U.S. government's latest petroleum report showed an unexpected rise in gasoline inventories and a surprising decline in the nation's oil supply.
While the drop in crude supplies placed some upward pressure on prices, traders said momentum was kept in check by forecasts calling for warmer weather.
The benchmark crude oil contract for March delivery was up 4 cents to $47.
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