Oil Prices Add To Gains As EIA Reports 6th Straight Weekly Drop In U.S. Crude Supplies

Oil prices extended earlier gains Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 1.8 million barrels for the week ended May 12. That was the sixth weekly drop in a row reported by the EIA. The American Petroleum Institute late Tuesday reported an 882,000-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a fall of 2.2 million barrels. Gasoline stockpiles declined by 400,000 barrels, while distillate stockpiles were down 1.9 million barrels last week, according to the EIA. June crude rose 64 cents, or 1.4%, to $49.30 a barrel on the New York Mercantile Exchange. It traded at $48.75 before the supply data.