Crude-oil futures on Wednesday trimmed losses modestly after a weekly U.S. government report showed a surprise decline in inventories.
Sources say oil for November delivery lost $2.16, or 2.4%, to $89.70 U.S. a barrel on the New York Mercantile Exchange. It traded around $89.55 U.S. a barrel minutes before the report.
The Energy Information Administration (EIA) reported a decline of 500,000 barrels in stockpiles of crude for the week ended Sept. 28. Analysts polled by Platts had expected a rise by 1.5 million barrels.
The EIA also reported gasoline supplies up 100,000 barrels, and inventories of distillates down 3.7 million barrels.
The analysts surveyed by Platts had forecast gasoline stocks unchanged, and distillate stockpiles down 400,000 barrels for the week.
