Oil futures turned lower on Wednesday after the U.S. Energy Information Administration's weekly report showed a smaller-than-expected decline in crude supplies and a climb in gasoline inventories.
The EIA reported that crude stockpiles for the week ended Sept. 6 fell by 200,000 barrels. Analysts polled by Platts were looking for a decline of two million barrels. Gasoline supplies rose 1.7 million barrels, while distillate stockpiles added 2.6 million barrels, the EIA said.
Gasoline stockpiles were expected to decline by one million barrels, while forecasts called for an increase of 800,000 barrels for distillates.
Following the latest data, October crude traded at $107.21 U.S. a barrel, down 18 cents, or 0.2%, on the New York Mercantile Exchange. It was trading at $107.54 U.S. shortly before the report.
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