More fluctuations in the increasingly volatile world of petroleum.
Oil futures pared losses on Wednesday following weekly data from the U.S. Energy Information Administration showing that crude supplies fell by a much-more-than-expected 10.6 million barrels for the week ended Dec. 6.
Analysts polled by Platts were looking for a decline of 2.8 million barrels. Gasoline supplies, however, jumped 6.7 million barrels, while distillate stockpiles added 4.5 million barrels, the EIA said.
Gasoline stockpiles were expected to climb 2.1 million barrels while distillate supplies were seen down 1.3 million barrels, according to the Platts poll.
Following the latest data, January crude traded at $98.24 U.S. a barrel, down 27 cents, or 0.3%, on the New York Mercantile Exchange. It was at $97.81 U.S. shortly before the report.
