Oil Pares Losses After EIA Reports 1.4 Million-barrel Fall In U.S. Crude Supplies

Oil futures pared some of their earlier losses Thursday after the U.S. Energy Information Administration reported that U.S. crude supplies fell by 1.4 million barrels for the week ended May 27. The American Petroleum Institute late Wednesday had reported a 2.4 million-barrel rise, while analysts polled by S&P Global Platts expected a 3.1 million-barrel decline. Gasoline supplies were down 1.5 million barrels, while distillate stockpiles fell 1.3 million barrels last week, according to the EIA. July crude was at $48.63 a barrel on the New York Mercantile Exchange, down 38 cents, or 0.8%, from Wednesday's settlement. Prices traded at $48.32 before the data.