Oil futures pared losses Thursday after the U.S. Energy Information Administration reported a bigger-than-expected climb in last week's crude inventories and a drop in gasoline supplies.
Crude supplies rose by 4.1 million barrels for the week ended Feb. 15. Analysts polled by Platts expected a two-million-barrel climb. Motor gasoline supplies fell 2.9 million barrels, while distillate stockpiles declined by 2.3 million barrels, the EIA report said.
Analysts expected declines of 1.4 million barrels each for gasoline and distillate supplies. Following the latest data, which were delayed because of Monday's holiday, traded at $93.07 U.S. a barrel, down $2.14, or 2.3%. It was trading around $93 U.S. ahead of the report. The American Petroleum Institute reported late Wednesday that crude supplies rose three million barrels last week.
