Oil Pares Gains After EIA Reports 3.1 Million-barrel Rise In Crude Supplies

Oil prices pared gains on Wednesday after the U.S. Energy Information Administration reported an increase of 3.1 million barrels in crude supplies for the week ended Oct. 2. Analysts polled by Platts expected supplies to be up by 1.75 million barrels, while the American Petroleum Institute Tuesday said inventories fell 1.2 million barrels, according to sources. Gasoline supplies climbed by 1.9 million barrels, while distillate stockpiles fell 2.5 million barrels last week, according to the EIA. November crude was at $48.95 a barrel, up 42 cents, or 0.9%, on the New York Mercantile Exchange. Prices traded at $49.53 before the report.