Oil futures lost more ground Wednesday after the U.S. Energy Information Administration reported a modest fall in last week's crude supplies along with an unexpected rise in gasoline inventories.
The agency says crude supplies fell 300,000 barrels for the week ended May 17.
Analysts polled by Platts expected a 1.2-million-barrel decline. Gasoline supplies rose by three million barrels, while distillate stockpiles fell 1.1 million barrels.
Gasoline stockpiles were expected to fall by 200,000 barrels, while forecasts called for a climb of 1.1 million barrels for distillates. Following the latest data, July crude traded at $95.01 U.S. a barrel, down $1.17 cents, or 1.2%.
It was trading around $95.75 U.S. shortly before the report. Oil had pared losses after Federal Reserve Chairman Ben Bernanke's testimony to Congress.
The American Petroleum Institute reported late Tuesday a 532,000-barrel rise in crude supplies.
