Oil futures cut their losses Wednesday after the U.S. Energy Information Administration reported a 2.8 million-barrel fall in crude stockpiles for the week ended July 19.
Analysts polled by Platts were looking for a 2.5-million-barrel decline.
The American Petroleum Institute late Tuesday had reported a fall of 1.4 million barrels. Gasoline supplies also declined by 1.4 million barrels, while distillate stockpiles fell 1.2 million barrels, the EIA said.
Gasoline stockpiles were expected to climb by 800,000 barrels, while forecasts called for an increase of 1.9 million barrels for distillates.
Following the latest data, September crude traded at $106.75 U.S. a barrel, down 48 cents, or 0.5%. It was trading at $106.40 U.S. shortly before the report.
