Oil prices gathered some steam Thursday, extending earlier gains after data from the U.S. Energy Information Administration (EIA) showed that domestic crude supplies dropped by 6.3 million barrels for the week ended June 30.
That number surpassed forecasts for a decline of 1.6 million barrels by analysts, and also came in above the fall of 5.8 million barrels reported by the American Petroleum Institute late Wednesday. Supply data were released a day late because of Tuesday's Fourth of July holiday.
The EIA went on to says gasoline stockpiles also fell by 3.7 million barrels, while distillate stockpiles decreased by 1.9 million barrels last week. August crude rose $1.24, or 2.8%, to $46.37 U.S. a barrel on the New York Mercantile Exchange. It traded at $45.77 U.S. before the supply data.
