Oil futures gained more ground, then fell, on Wednesday, following weekly data that showed a larger-than-expected climb in crude supplies, but less than what a trade group had reported a day earlier.
The U.S. Energy Information Administration said crude stockpiles rose four million barrels for the week ended April 4. Analysts polled by Platts were looking for a surge of 2.5 million barrels, while American Petroleum Institute data late Tuesday showed a jump of 7.1 million.
Gasoline supplies fell by 5.2 million barrels, while distillate stockpiles rose 200,000 barrels, according to the EIA. Gasoline stockpiles were expected to fall by 1.3 million barrels, while distillates, which include heating oil, were seen down 800,000 barrels, according to the Platts poll.
May crude traded at $102.52 U.S. a barrel, down four cents on the New York Mercantile Exchange. Before the report, crude traded at $102.60 U.S.
