EIA Reports 1.9 Million-barrel Decline In Weekly Oil Supplies

Oil prices continued to trade lower after the U.S. Energy Information Administration on Wednesday reported a decline of 1.9 million barrels in crude supplies for the week ended May 29. Analysts polled by Platts forecast a crude-stock fall of 2.4 million barrels, while the American Petroleum Institute late Tuesday reported an increase of 1.8 million barrels. Gasoline supplies fell by 300,000 barrels, while distillate stockpiles jumped 3.8 million barrels last week, according to the EIA. July crude traded at $60.77 a barrel, down 49 cents, or 0.8%, on the New York Mercantile Exchange. They were trading around $60.84 before the data.