Oil futures pared losses on Wednesday after the U.S. Energy Information Administration said crude stockpiles fell 3.2 million barrels for the week ended June 27. Analysts polled by Platts forecast a decline of two million barrels.
Gasoline supplies also fell by 1.2 million barrels, while distillate stockpiles rose by one million barrels, according to the EIA. Gasoline stockpiles were expected to fall by 750,000 barrels, while distillates, which include heating oil, were seen up 250,000 barrels, according to the Platts poll.
August crude traded at $105.04 U.S. a barrel, down 30 cents, or 0.3%, on the New York Mercantile Exchange. Before the report, prices traded at $104.65 U.S.
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