Oil futures continued higher, holding ground above $90 U.S. a barrel Wednesday after the U.S. Energy Information Administration reported that crude supplies rose by 900,000 barrels for the week ended April 19.
Analysts polled by Platts expected a 1.4-million-barrel climb. Motor gasoline supplies dropped 3.9 million barrels, but distillate stockpiles added 100,000 barrels. Forecasts called for a decline of 700,000 barrels in gasoline stockpiles and a fall of 450,000 barrels in distillate supplies.
Following the latest data, June crude traded at $90.10 U.S. a barrel, up 92 cents, or 1%. It had been trading at $90.05 U.S. a barrel shortly before the report. The American Petroleum Institute reported late Tuesday an 845,000-barrel fall in crude supplies.
