Oil Pares Some Gains After EIA Reports 2.1 Million-barrel Fall In Crude Supplies

By MarketWatch Pulse

Oil prices pared some gains on Wednesday after the U.S. Energy Information Administration reported a fall of 2.1 million barrels in crude supplies for the week ended Sept. 11. Analysts polled by Platts forecast a crude-stock fall of 200,000 barrels, while the American Petroleum Institute Tuesday said supplies declined by 3.1 million barrels, according to sources. Gasoline supplies rose 2.8 million barrels while distillate stockpiles climbed by 3.1 barrels last week, according to the EIA. October crude was at $45.70 a barrel, up $1.11, or 2.5%, on the New York Mercantile Exchange. Prices traded at $45.80 before the report.

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