Oil futures pared earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude-oil supplies rose much more than expected. Crude stockpiles climbed by 4.1 million barrels for the week ended Jan. 6. The American Petroleum Institute late Tuesday reported a rise of 1.5 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 1.75 million barrels. Gasoline supplies rose by 5 million barrels and distillate stockpiles jumped up by 8.4 million barrels, according to the EIA. February crude was up 11 cents, or 0.2%, at $50.93 a barrel on the New York Mercantile Exchange, compared with $51.35 before the data.
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