Oil Futures Pare Losses After The EIA Reports 8.4 Million-barrel Rise In Crude Supplies

The U.S. Energy Information Administration reported on Wednesday that crude inventories climbed by 8.4 million barrels for the week ended Jan. 22. The American Petroleum Institute on Tuesday reported an 11.4 million-barrel increase, according to sources. Analysts polled by Platts expected crude supplies to be up 3.5 million barrels. Gasoline supplies rose by 3.5 million barrels, while distillate stockpiles fell by 4.1 million barrels last week, according to the EIA. March crude was at $30.97 a barrel on the New York Mercantile Exchange, down 48 cents, or 1.5%. Prices traded at $30.69 before the data.