Oil futures climbed above $106 U.S. a barrel Wednesday after the U.S. Energy Information Administration’s report showed a bigger-than-expected decline in crude supplies.
The EIA reported that crude stockpiles for the week ended Sept. 13 fell 4.4 million barrels. Analysts polled by Platts were looking for a decline of 1.5 million barrels.
Gasoline supplies also retreated 1.6 million barrels, while distillate stockpiles were down 1.1 million barrels, the EIA said. Gasoline stockpiles were expected to be unchanged, while forecasts called for an increase of one million barrels for distillates.
Following the latest data, October crude traded at $106.09 U.S. a barrel, up 67 cents, or 0.7%, on the New York Mercantile Exchange. It was trading at $105.73 U.S. shortly before the report.
