Oil Back Under $50 After EIA Reports 900,000- Barrel Fall In U.S. Crude Supplies

Oil futures seesawed between minor losses and gains Wednesday, trading back under $50 a barrel after the U.S. Energy Information Administration reported a much smaller-than-expected decline in U.S. crude supplies. Inventories fell by 900,000 for the week ended June 17. The American Petroleum Institute late Tuesday had reported a 5.2 million-barrel drop, while analysts polled by S&P Global Platts expected a decline of 1.4 million barrels. Gasoline supplies rose by 600,000 barrels, while distillate stockpiles edged up by 200,000 barrels last week, according to the EIA. August crude was at $49.75 a barrel on the New York Mercantile Exchange, down 10 cents, or 0.2%, from Tuesday's settlement. Prices traded at $50.18 before the data.