Oil falls after US inventories data

FXStreet (Córdoba) - OIl prices fell sharply and practically erased previous daily gains after data showed US crude inventories rose less than expected last week but gasoline and distillates builds increased sharply.

The US Department of Energy reported inventories grew by 234K barrels in the week ended Jan 8, below the 2.5 million barrels expected. However, gasoline inventories rose 8.4 million, more than three times the 2.7 million expected.

Crude oil for February delivery fell to a low of $30.12 a barrel and now trades at $30.47/bbl on Nymex versus $30.87 before supply data.