Oil Pares Gains After EIA Reports 2.6 Million-barrel Rise In Crude Supplies

By Myra P. SaefongMarketWatch Pulse

Oil prices pared some of their gains on Thursday after the U.S. Energy Information Administration reported an increase of 2.6 million barrels in crude supplies for the week ended Sept. 4. Analysts polled by Platts forecast a crude-stock climb of 300,000 barrels, while the American Petroleum Institute Wednesday said supplies gained by 2.1 million barrels. Gasoline supplies rose 400,000 barrels while distillate stockpiles climbed by 1 million barrels last week, according to the EIA. October crude was at $44.93 a barrel, up 77 cents, or 1.7%, on the New York Mercantile Exchange. Prices traded at $45.24 before the report.

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