Crude-oil futures pared some gains Wednesday after the U.S. Energy Information Administration released its weekly report on supplies, even as data showed a larger-than-expected decrease.
Crude for August delivery rose $1.40, or 1.7%, to $85.28 U.S. a barrel on the New York Mercantile Exchange.
Prior to the report, prices traded at $85.43 U.S. a barrel. The E.I.A. said crude inventories declined 4.7 million barrels in the week ended July 6.
That contrasted with expectations of a decline of 1.5 million barrels, according to analysts polled by Platts.
The E.I.A. also reported gasoline inventories up 2.8 million barrels, and stockpiles of distillates up 3.1 million barrels. The analysts surveyed by Platts had expected gasoline supplies up 600,000 barrels and distillates inventories up one million barrels.
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