Oil Extends Gains As Inventories Show Surprise Fall

Oil prices climbed higher after the U.S. Energy Information Administration on Wednesday reported that crude inventories fell for the first time in 17 weeks. Supplies were down 3.9 million barrels for the week ended May 1. Analysts polled by Platts forecast a crude-stock climb of 1 million barrels. Gasoline supplies were up 400,000 barrels, while distillate stockpiles added 1.5 million barrels last week, according to the EIA. June crude traded at $62.43 a barrel, up $2.03, or 3.4%, on the New York Mercantile Exchange. Before the report, prices traded around $61.98.