Oil futures held onto their gains on Wednesday following weekly data from the U.S. Energy Information Administration showing that crude supplies fell by 2.9 million barrels for the week ended Dec. 13.
Analysts polled by Platts were looking for a decline of four million barrels but the American Petroleum Institute late Tuesday reported a fall of 2.5 million barrels.
Gasoline supplies rose 1.3 million barrels, while distillate stockpiles fell 2.1 million barrels, the EIA said. Gasoline stockpiles were expected to climb 1.4 million barrels while distillate supplies were seen down one million barrels, according to the Platts poll.
Following the latest data, January crude traded at $97.83 U.S. a barrel, up 61 cents, or 0.6%, on the New York Mercantile Exchange. It was at $97.93 U.S. shortly before the report.
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