Oil futures added to earlier gains on Wednesday after theU.S. Energy Information Administration reported that domestic crude supplies fell by 4.1 million barrels for the week ended June 24. The American Petroleum Institute late Tuesday had reported a 3.9 million-barrel drop, according to sources, while analysts polled by S&P Global Platts expected a decline of 2.4 million barrels. Gasoline supplies climbed 1.4 million barrels, while distillate stockpiles declined by 1.8 million barrels last week, according to the EIA. August crude was at $48.91 a barrel on the New York Mercantile Exchange, up $1.06, or 2.2%, from Tuesday's settlement. Prices traded at $48.52 before the data.
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