EIA Reports 4.9 Million-barrel Drop In Weekly Oil Supplies

Oil prices turned lower, then climbed after the U.S. Energy Information Administration on Wednesday reported a drop of 4.9 million barrels in crude supplies for the week ended June 19. Analysts polled by Platts forecast a crude-stock fall of 2.3 million barrels, while the American Petroleum Institute late Tuesday reported a decline of 3.2 million barrels. Gasoline supplies climbed by 700,000 barrels and distillate stockpiles rose by 1.8 million barrels last week, according to the EIA. August crude was at $61.36 a barrel, up 35 cents, or 0.6%, on the New York Mercantile Exchange, but it had fallen to a low of $60.81 in the minutes after the data were released. Prices traded at $61.29 before the report.