Oil Pares Gains As EIA Reports 8.2 Mln Barrel Rise In Crude Supply

Oil prices pared gains after the U.S. Energy Information Administration on Wednesday reported an 11th straight weekly increase crude supplies. Crude inventories climbed by 8.2 million barrels for the week ended March 20. Analysts polled by Platts forecast a crude-stock climb of 4.6 million barrels, while the API reported a 4.8 million-barrel rise. Gasoline supplies were down 2 million barrels, while distillate stockpiles were unchanged last week, according to the EIA. May crude traded at $47.86 a barrel, up 35 cents, or 0.7%, on the New York Mercantile Exchange. Before the report, prices traded around $48.23.