Oil Futures Cut Losses After EIA Reports Larger-than-expected Decline In U.S. Crude Supplies

Oil futures cut much of their earlier losses on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies declined by 2.5 million barrels in the week ended Aug. 12. That was above to the 200,000-barrel fall expected by analysts polled by S&P Global Platts. The American Petroleum Institute late Tuesday reported a drawdown of 1 million barrels, according to sources. Gasoline supplies also declined by 2.7 million barrels, while distillate stockpiles rose 1.9 million barrels last week, according to the EIA. September crude fell 28 cents, or 0.6%, from Tuesday's settlement to $46.30 a barrel on the New York Mercantile Exchange. Prices traded at $45.93 before the data.