EIA Reports 2.2 Million-barrel Drop In Weekly Oil Supplies

Oil prices spiked, then pared gains after the U.S. Energy Information Administration on Wednesday reported a much bigger-than-expected decline in weekly crude supplies. Inventories were down 2.2 million barrels for the week ended May 8. Analysts polled by Platts forecast a crude-stock fall of 250,000 barrels. Gasoline supplies fell 1.1 million barrels, while distillate stockpiles also declined by 2.5 million barrels last week, according to the EIA. June crude traded at $61.16 a barrel, up 41 cents, or 0.7%, on the New York Mercantile Exchange. Prices spiked to as high as $61.78 immediately after the report. They were trading around $61.41 before the data.