Oil futures gained more ground on Wednesday after weekly data showed a decline in U.S. crude supplies that was more than the market expected.
The U.S. Energy Information Administration said crude stockpiles fell 3.4 million barrels for the week ended May 30. Analysts polled by Platts forecast a decline of two million barrels. Gasoline supplies rose by 200,000 barrels, while distillate stockpiles climbed by two million barrels, according to the EIA.
Gasoline stockpiles were expected to climb by two million barrels, while distillates, which include heating oil, were seen down one million barrels, according to the Platts poll.
July crude traded at $103.59 U.S. a barrel, up 93 cents, or 0.9%, on the New York Mercantile Exchange. Before the report, prices traded at $103.50 U.S.
