Crude-oil futures turned higher Thursday after a weekly government report showed a steep decline in inventories in the latest week. Crude for August delivery advanced 20 cents, or 0.2%, to $87.79 U.S. a barrel on the New York Mercantile Exchange.
Oil had traded at $87.56 U.S. shortly before the data. The Energy Information Administration said crude supplies declined 4.3 million barrels in the week ended June 29.
Analysts polled by Platts had expected a decline of two million barrels. The E.I.A. also reported a rise of 200,000 barrels for gasoline inventories, and a decline of 1.1 million barrels for supplies of distillates. The analysts surveyed by Platts had expected gasoline stockpiles unchanged and an increase of 500,000 barrels for distillates.
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