Oil futures pared losses Wednesday after the U.S. Energy Information Administration reported a bigger-than-expected decline of 2.8 million barrels in crude stockpiles for the week ended Aug. 9.
Analysts polled by Platts were looking for a 1.5-million-barrel decline. Gasoline supplies fell by 1.2 million barrels, while distillate stockpiles rose two million barrels, according to the EIA report.
Gasoline stockpiles were expected to fall by two million barrels, while forecasts called for an increase of one million barrels for distillates.
Following the latest data, September crude traded at $106.48 U.S. a barrel on the New York Mercantile Exchange, down 35 cents, or 0.3%. It was trading at $106.37 U.S. shortly before the report.
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