Oil prices pared gains after the U.S. Energy Information Administration on Wednesday reported an 11th-straight weekly increase crude supplies.
Crude inventories climbed by 8.2 million barrels for the week ended March 20. Analysts polled by Platts forecast a crude-stock climb of 4.6 million barrels, while the API reported a 4.8-million-barrel rise. Gasoline supplies were down two million barrels, while distillate stockpiles were unchanged last week, according to the EIA.
May crude traded at $47.86 U.S. a barrel, up 35 cents, or 0.7%, on the New York Mercantile Exchange. Before the report, prices traded around $48.23 U.S.
