Oil slips on smaller-than-expected supply drop

U.S. crude supplies decreased by 1.3 million barrels for the week ended Aug. 2 to 363.3 million barrels, according to data from the U.S. Energy Information Administration issued Wednesday.

Analysts surveyed by Platts had expected a bigger drop of two million barrels.

Crude oil for September delivery was last down 60 cents to $104.70 U.S. a barrel. The contract was showing a slight gain just ahead of the EIA report.

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