Oil futures pared gains Wednesday after a weekly supply report showed a surprise increase in crude inventories. U.S. crude supplies rose by 5.4 million barrels during the week ended January 9, according to the U.S. Energy Information Administration. Analysts polled by Platts had expected oil supplies to decrease by 400,000 barrels.
The EIA also said gasoline supplies rose 3.2 million barrels on the week, and supplies of distillates, which include heating oil, increased by 2.9 million. The analysts polled by Platts had expected gasoline stockpiles to rise by 2.7 million barrels, and distillate stocks to increase by 1.9 million barrels.
Crude for February delivery was recently up 29 cents U.S., or 0.6%, to $46.13 U.S. a barrel on the New York Mercantile Exchange.
