Oil Holds Gains After EIA Reports 4.2 Million-barrel Fall In U.S. Crude Supplies

Oil futures held onto most of their earlier gains on Wednesday after the U.S. Energy Information Administration reported that U.S. crude supplies fell 4.2 million barrels for the week ended May 20. The American Petroleum Institute late Tuesday had reported a 5.1 million-barrel fall, while analysts polled by S&P Global Platts expected a 3.3 million-barrel decline. Gasoline supplies were up by 2 million barrels, while distillate stockpiles fell 1.3 million barrels last week, according to the EIA. July crude was at $49.24 a barrel on the New York Mercantile Exchange, up 62 cents, or 1.3%. Prices traded at $49.38 before the data.