Oil Pares Gains After EIA Reports U.S. Crude Supplies Up 2 Million Barrels

Oil futures pared some of their earlier gains on Wednesday after the U.S. Energy Information Administration reported a 2 million-barrel climb in crude-oil supplies for the week ended April 22. The American Petroleum Institute late Tuesday had reported a 1.1 million-barrel fall, while analysts polled Platts expected an 800,000-barrel increase. Gasoline supplies rose 1.6 million barrels, while distillate stockpiles fell by 1.7 million barrels last week, according to the EIA. June crude was at $$44.46 a barrel on the New York Mercantile Exchange, up 42 cents, or 1%. Prices traded at $44.84 before the data.

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