Oil Climbs Higher As EIA Reports 1.9 Million Barrel Rise In Crude Supply

Oil prices gained more ground after the U.S. Energy Information Administration on Wednesday reported that crude inventories rose 1.9 million barrels for the week ended April 24. Analysts polled by Platts forecast a crude-stock climb of 1.4 million barrels, but the API reported a 4.2 million-barrel increase. Gasoline supplies were up 1.7 million barrels, while distillate stockpiles fell 100,000 barrels last week, according to the EIA. June crude traded at $58.04 a barrel, up 98 cents, or 1.8%, on the New York Mercantile Exchange. Before the report, prices traded around $57.40.