Oil futures pared some of its gains on Wednesday following weekly data that showed a climb in crude supplies that was less than the market expected.
The U.S. Energy Information Administration said crude stockpiles rose 400,000 barrels for the week ended Jan. 31. Analysts polled by Platts were looking for a climb of 1.5 million barrels.
Gasoline supplies rose by 500,000 barrels, while distillate stockpiles fell 2.4 million barrels, the EIA said. Gasoline stockpiles were expected to climb 1.5 million barrels while distillate supplies were seen down two million barrels, according to the Platts poll.
March crude traded at $97.53 U.S. a barrel, up 36 cents, or 0.4%, on the New York Mercantile Exchange. It was at $97.91 U.S. shortly before the report.
