Oil futures fell further Wednesday after the U.S. Energy Information Administration reported an unexpected climb in distillate supplies, along with a decline in crude stockpiles.
Crude supplies fell 1.2 million barrels for the week ended April 12. Analysts polled by Platts expected a 1.25-million-barrel climb.
Motor gasoline supplies also fell by 600,000 barrels, but distillate stockpiles rose by 2.4 million barrels.
Forecasts called for a decline of 1.1 million barrels for gasoline and a fall of 850,000 barrels in distillate stockpiles. Following the latest data, May crude traded at $87.35 U.S. a barrel, down $1.37, or 1.5%. It was trading around $87.87 shortly before the report.
The American Petroleum Institute reported late Tuesday a 6.7-million-barrel drop in crude supplies.
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