Oil futures continued higher on Wednesday after weekly data showed a drop in U.S. crude supplies that was much larger than the market expected.
The U.S. Energy Information Administration said crude stockpiles dropped 7.2 million barrels for the week ended May 16. Analysts polled by Platts were looking for a decline of 300,000 barrels.
Gasoline supplies rose one million barrels, while distillate stockpiles climbed by 3.4 million barrels, according to the EIA. Gasoline stockpiles were expected to rise by 150,000 barrels, while distillates, which include heating oil, were seen down 250,000 barrels, according to the Platts poll.
July crude traded at $103.32 U.S. a barrel, up 99 cents, or 1%, on the New York Mercantile Exchange. Before the report, prices traded at $103.38 U.S.
