Oil futures pared some of their losses Wednesday after the U.S. Energy Information Administration reported a smaller-than-expected climb in last week's crude inventories, along with a decline in distillate stockpiles.
Crude supplies rose 2.6 million barrels for the week ended Feb. 1.
Analysts polled by Platts expected a three-million barrel climb. Motor gasoline supplies were up 1.7 million barrels, while distillate stocks fell one million barrels, according to the EIA report.
Analysts expected a 1.75-million-barrel climb in gasoline stocks, and forecast a fall of 750,000 barrels in distillate supplies.
Following the latest data, March crude traded at $95.78 U.S. a barrel, down 86 cents, or 0.9%. It was trading around $95.70 U.S. ahead of the report. The American Petroleum Institute reported late Tuesday that crude supplies rose 3.6 million barrels last week.