The U.S. oil benchmark edged higher, erasing an earlier loss, after government data showed a smaller-than-expected rise in crude inventories last week. West Texas Intermediate crude for March delivery on the New York Mercantile Exchange were up 43 cents, or 0.7%, at $59.62 a barrel after trading as low as $58.20 in earlier action. The Energy Information Administration said U.S. inventories rose by 1.8 million barrels in the week ended Feb. 9. A survey of analysts by The Wall Street Journal had produced a forecast for a 2.6 million barrel increase. Product inventories, however, rose more than expected, with gasoline stocks up 3.6 million barrels versus an average forecast of 1.4 million. Distillate stocks rose 500,000 barrels versus an expected 600,000 barrel decline. Refiners operated at 89.8% of operable capacity, below the forecast of 91.1%.
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