Oil futures lost ground after the U.S. Energy Information Administration reported an unexpected fall in last week's crude supplies along with a surprise increase in gasoline supplies.
Crude supplies fell 600,000 barrels for the week ended May 10. Analysts polled by Platts expected a 300,000-barrel climb.
Gasoline supplies climbed by 2.6 million barrels, while distillate stockpiles added 2.3 million barrels. Gasoline stockpiles were expected to fall by 800,000 barrels, while forecasts called for a climb of that same amount for distillates.
Following the latest data, June crude traded at $92.31 U.S. a barrel, off $1.90, or 2%.
It was trading around $92.63 U.S. shortly before the report. The American Petroleum Institute reported late Tuesday a 1.1-million-barrel rise in crude supplies.
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