Oil futures held onto its earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 25 fell by 900,000 barrels. The American Petroleum Institute late Tuesday reported a decline of 717,000 barrels, according to sources. Analysts polled by S&P Global Platts expected a fall of 250,000 barrels. Gasoline supplies climbed by 2.1 million barrels and distillate stockpiles surged higher by 5 million barrels, according to the EIA. January crude rose by $3.20, or 7.1%, to $48.43 a barrel on the New York Mercantile Exchange. Prices, which had already been rallying following reports that the Organization of the Petroleum Exporting Countries has reached a deal to cut output, traded at $48.56 before the data.
Copyright © 2016 MarketWatch, Inc.