#Futures Movers: Oil futures rise as U.S. crude supplies mark first increase in 8 weeks, but gasoline stockpiles post a modest climb

Oil futures rose Wednesday, shaking off earlier declines, as official government data showed that U.S. crude inventories climbed for the first time in eight weeks, but gasoline stockpiles posted a modest climb.

The Energy Information Administration report is “less bearish” than the American Petroleum report from Tuesday, Phil Flynn, senior market analyst at The Price Futures Group, told MarketWatch. “There is a growing concern that products such as gasoline and distillates are still too far below normal to make us feel comfortable….