Oil Pares Gains After EIA Reports Unexpected Rise In U.S. Crude Supplies

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures pared gains Wednesday after the U.S. Energy Information Administration reported a 1.3 million-barrel rise in crude-oil supplies for the week ended May 13. The American Petroleum Institute late Tuesday had reported a 1.1 million-barrel fall, while analysts polled S&P Global Platts expected a 3 million-barrel decline. Gasoline supplies were down by 2.5 million barrels, while distillate stockpiles fell 3.2 million barrels last week, according to the EIA. June crude was at $48.51 a barrel on the New York Mercantile Exchange, up 20 cents, or 0.4%. Prices traded at $48.63 before the data.

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