EIA Reports 2.7 Million-barrel Decline In Weekly Oil Supplies

Oil prices pared earlier gains after the U.S. Energy Information Administration on Wednesday reported a decline of 2.7 million barrels in crude supplies for the week ended June 12. Analysts polled by Platts forecast a crude-stock fall of 2.4 million barrels, while the American Petroleum Institute late Tuesday reported a drop of 2.9 million barrels, sources said. Gasoline supplies climbed by 500,000 barrels and distillate stockpiles also rose by 100,000 barrels last week, according to the EIA. July crude traded at $60.70 a barrel, up 73 cents, or 1.2%, on the New York Mercantile Exchange, but that's down from the $61.13 level it was trading at before the data.