U.S. crude-oil futures held on to gains Wednesday after the Energy Information Administration reported U.S. oil supplies declined 2.1 million barrels in the week ended Aug. 22, roughly in line with expectations.
Oil for September delivery rose 15 cents, or 0.2%, to $93.99 U.S. a barrel on the New York Mercantile Exchange. It was trading at $94.10 U.S. a barrel before the report.
The EIA also said gasoline supplies decreased by one million barrels, and distillates stockpiles rose 1.3 million barrels. Analysts polled by Platts had expected crude supplies to fall 2.5 million barrels.
Gasoline stocks were seen down 1.7 million barrels, while distillate stocks were expected to decline 1.2 million barrels, according to Platts.
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