Oil futures pared some of their losses Friday after the U.S. Energy Information Administration reported a bigger-than-expected drop in crude supplies for the week ended Dec. 28.
Crude supplies fell by 11 million barrels. Analysts polled by Platts expected a one-million-barrel decline. Motor gasoline supplies rose by 2.6 million barrels, while distillate stocks climbed 4.6 million barrels, the EIA report said.
Analysts had forecast a rise of 2.3 million barrels for gasoline inventories and a climb of 1.6 million barrels in distillate supplies. Following the latest data, which were delayed due to the New Year's Day holiday, February crude traded at $92.88 U.S. a barrel, down four cents. It was trading around $92.73 U.S.ahead of the report. The American Petroleum Institute reported late Thursday that crude supplies dropped 12 million barrels last week.
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