Oil prices pared losses after the U.S. Energy Information Administration on Thursday reported a fall of 2.8 million barrels in crude supplies for the week ended May 22. Analysts polled by Platts forecast a crude-stock fall of 1.8 million barrels, while the American Petroleum Institute late Wednesday reported an increase of 1.3 million barrels. Gasoline supplies declined by 3.3 million barrels, while distillate stockpiles rose 1.1 million barrels last week, according to the EIA. July crude traded at $57.15 a barrel, down 36 cents, or 0.6%, on the New York Mercantile Exchange. They were trading around $56.66 before the data.
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