EIA Reports 6.8 Million-barrel Drop In Weekly U.S. Oil Supplies

Oil prices gained more ground Wednesday after the U.S. Energy Information Administration reported a drop of 6.8 million barrels in crude supplies for the week ended June 5. Analysts polled by Platts forecast a crude-stock fall of 1.6 million barrels, while the American Petroleum Institute late Tuesday reported a decline of 6.7 million barrels, sources said. Gasoline supplies fell 2.9 million barrels, while distillate stockpiles rose 900,000 barrels last week, according to the EIA. July crude traded at $61.51 a barrel, up $1.37, or 2.3%, on the New York Mercantile Exchange. They were trading around $61.22 before the data.