Oil futures added to gains Thursday after the U.S. Energy Information Administration reported a bigger-than-expected rise in crude inventories, along with a surprise decline in gasoline stocks.
Crude supplies rose 2.8 million barrels for the week ended Jan. 18.
Analysts polled by Platts expected a two-million-barrel climb. Motor gasoline supplies fell by 1.7 million barrels, while distillate stocks rose 500,000 barrels, according to the EIA report.
Analysts had forecast a rise of 1.6 million barrels for gasoline inventories and a climb of 750,000 barrels in distillate supplies.
Following the latest data, March crude traded at $96.37 U.S. a barrel, up $1.16, or 1.2%. It was trading around $96.14 U.S. ahead of the report.
The American Petroleum Institute reported late Wednesday that crude supplies rose 3.2 million barrels last week.
