Oil Extends Gains As EIA Reports Smaller-than-expected Inventories

Oil prices gained more ground after the U.S. Energy Information Administration on Wednesday reported a smaller-than-expected climb in weekly crude supplies. Crude inventories climbed by 1.3 million barrels for the week ended April 10. Analysts polled by Platts forecast a crude-stock climb of 3.5 million barrels, while the American Petroleum Institute reported a 2.6 million-barrel increase. Gasoline supplies were down by 2.1 million barrels, while distillate stockpiles rose two million barrels last week, according to the EIA. May crude traded at $54.95 a barrel, up $1.66, or 3.1%, on the New York Mercantile Exchange. Before the report, prices traded around $54.07.