Oil futures cut their losses Wednesday after the U.S. Energy Information Administration reported a climb in crude supplies that was less than the market expected.
Crude supplies rose 300,000 barrels for the week ended April 5. Analysts polled by Platts expected a 1.4-million-barrel climb.
Motor gasoline supplies unexpectedly rose by 1.7 million barrels, while distillate stockpiles fell by 200,000 barrels.
Forecasts called for declines of 1.8 million barrels each for gasoline and distillate stockpiles. Following the latest data, May crude traded at $93.96 U.S. a barrel, down 24 cents, or 0.3%. It was trading around $93.86 U.S. shortly before the report.
The American Petroleum Institute reported late Tuesday a 5.1-million-barrel rise in crude supplies.
