Oil futures pared some of their losses Thursday after the U.S. Energy Information Administration reported a smaller-than-expected rise in crude supplies for the week ended Nov. 9.
Crude supplies rose by 1.1 million barrels. Analysts polled by Platts expected a 1.5-million-barrel increase.
Motor gasoline supplies fell 400,000 barrels, while distillate stocks dropped 2.5 million barrels, the EIA report said. Analysts had forecast unchanged inventories for gasoline and a fall of 500,000 barrels in distillate supplies. Following the latest data, which had been delayed by a day due to Monday's holiday, December crude traded at $86.17 U.S. a barrel, down 15 cents.
It was trading around $86.05 U.S. shortly before the data. The American Petroleum Institute reported late Wednesday that crude supplies rose 1.35 million barrels last week.
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