Oil futures lost more ground on Wednesday following weekly data from the U.S. Energy Information Administration showing that crude supplies fell by a less-than-expected 2.7 million barrels for the week ended Jan. 3.
Analysts polled by Platts were looking for a decline of 3.3 million barrels while the American Petroleum Institute late Tuesday reported a drop of 7.3 million barrels.
Gasoline supplies climbed 6.2 million barrels, while distillate stockpiles rose 5.8 million barrels, the EIA said.
Gasoline stockpiles were expected to climb 2 million barrels while distillate supplies were seen up 1.9 million barrels, according to the Platts poll. Following the latest data, February crude traded at $92.94 U.S. a barrel, down 73 cents, or 0.8%, on the New York Mercantile Exchange. It was at $93.52 U.S. shortly before the report.
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