Analysts miscalculate oil stocks by 3.8 million barrels

SHOOT: How do you miscalculate by such a huge margin. And I see oil prices are now moving towards $87. And from there to $90, $100?

clipped from finance.yahoo.com NEW YORK (AP) -- Oil prices jumped more than 2 percent Wednesday after the government reported that crude supplies fell unexpectedly last week. The Energy Information Administration said that U.S. oil supplies dropped by 2.2 million barrels for the week ended April 9. Analysts expected them to increase by 1.6 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. It's the first weekly decline since January. Gasoline supplies also sank as motorists burned more fuel. The U.S. continues to hold larger-than-average amounts of crude in storage around the country. But Americans are driving more, and the EIA report said a rise in gasoline consumption helped cut into the national surplus. The EIA said imports of crude were down last week as well. Benchmark crude for May delivery climbed after the report, adding $1.93 at $85.98 a barrel on the New York Mercantile Exchange. In London, Brent crude gained $1.41 at $86.13 on the ICE futures exchange.