Crude futures pared some of their gains on Thursday after the U.S. Energy Information Administration reported a slightly higher-than-expected rise in crude supplies for the week ended Oct. 5.
Crude supplies rose by 1.7 million barrels, while motor gasoline supplies fell by 500,000 barrels and distillate stocks shed 3.2 million barrels last week, the EIA report said.
Analysts expected a 1.5-million-barrel increase in crude-oil supplies. They also forecast a drop of 400,000 barrels for distillate inventories and no change in gasoline supplies.
Following the latest data, November crude traded at $92.43 U.S. a barrel, up $1.18, or 1.3%. It was trading around $92.56 U.S. shortly before the data release. The American Petroleum Institute late Wednesday reported a 1.65-million-barrel rise in crude supplies, along with a 6.2-million-barrel drop in distillate stockpiles.
