Oil futures fell further Wednesday, following weekly data that showed a drop in crude supplies that was unexpected but smaller than the decline reported by a trade group a day earlier.
The U.S. Energy Information Administration said crude stockpiles fell 2.4 million barrels for the week ended March 28. Analysts polled by Platts were looking for a climb of 1.8 million barrels, but sources said the American Petroleum Institute reported a drop of 5.8 million barrels.
Gasoline supplies fell by 1.6 million barrels, while distillate stockpiles rose 600,000 barrels, according to the EIA.
Gasoline stockpiles were expected to fall by two million barrels, while distillates, which include heating oil, were seen down 900,000 barrels, according to the Platts poll.
May crude traded at $99.16 U.S. a barrel, down 58 cents, or 0.6%, on the New York Mercantile Exchange. Before the report, prices traded at $99.26 U.S.
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