Oil futures gained a bit more ground on Wednesday following weekly data that showed an unexpected decline in U.S. crude supplies.
The U.S. Energy Information Administration said crude stockpiles fell 1.8 million barrels for the week ended May 2. Analysts polled by Platts were looking for a climb of 1.3 million barrels.
Gasoline supplies rose by 1.6 million barrels, while distillate stockpiles declined by 400,000 barrels, according to the EIA. Gasoline stockpiles were expected to fall by 900,000 barrels, while distillates, which include heating oil, were seen up 1.5 million barrels, according to the Platts poll.
June crude traded at $100.33 U.S. a barrel, up 83 cents, or 0.8%, on the New York Mercantile Exchange. Before the report, prices traded at $100.11 U.S.
