Oil futures pared some of their gains Wednesday morning, after the U.S. Energy Information Administration reported a rise in last week's crude supplies that was less than expected, but also showed a sizable climb in distillate supplies.
Crude supplies rose 200,000 barrels for the week ended May 3. Analysts polled by Platts expected a 1.9-million-barrel climb.
Distillate supplies rose by 1.8 million barrels, while gasoline stockpiles fell by 900,000 barrels.
Distillate stockpiles were expected to rise by one million barrels, while forecasts called for a decline of 750,000 barrels for gasoline.
Following the latest data, June crude traded at $95.88 U.S. a barrel, up 26 cents, or 0.3%. It was trading around $96.30 U.S. shortly before the report. The American Petroleum Institute reported late Tuesday a 680,000-barrel rise in crude supplies
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