CORRECT: Oil Prices Slip As EIA Reports Smaller-than-expected Decline In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices turned a bit lower Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 900,000 barrels for the week ended April 28. That was well below the 4.2 million-barrel drop reported by the American Petroleum Institute late Tuesday, according to sources. Analysts polled by S&P Global Platts forecast a larger decline of 2.25 million barrels. Gasoline stockpiles edged up by 200,000 barrels, while distillate stockpiles were down 600,000 barrels last week, according to the EIA. The S&P Global Platts survey had forecast modest increases for both products. June crude fell 13 cents, or 0.3%, to $47.53 a barrel on the New York Mercantile Exchange. It traded at $48.89 before the supply data. [Updated to correct forecasts for crude products.]

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