Oil Pares Loss As EIA Report Not As Bad As Expected

Oil prices pared some losses after the U.S. Energy Information Administration on Thursday reported an increase in crude supplies that was smaller than what the American Petroleum Institute data showed. Crude inventories rose 7.7 million barrels for the week ended Feb. 13. Analysts polled by Platts forecast a crude-stock climb of 3.1 million barrels but the API had reported a huge 14.3 million-barrel rise. Gasoline supplies rose by 500,000 barrels, while distillate stockpiles fell 3.8 million barrels, according to the EIA. March crude traded at $50.30 a barrel, down $1.84, or 3.6%, on the New York Mercantile Exchange. Before the report, prices traded around $49.70.

Copyright © 2015 MarketWatch, Inc.