Oil Prices Turn Higher After EIA Reports 4.2 Million-barrel Drop In Crude Supplies

Oil prices turned higher after the U.S. Energy Information Administration on Wednesday reported a decline of 4.2 million barrels in crude supplies for the week ended July 24. Analysts polled by Platts forecast a crude-stock fall of 700,000 barrels, while the American Petroleum Institute Tuesday said supplies declined 1.9 million barrels, according to sources. Gasoline supplies fell 400,000 barrels while distillate stockpiles climbed 2.6 million barrels last week, according to the EIA. September crude was at $48.13 a barrel, up 15 cents, or 0.3%, on the New York Mercantile Exchange. Prices traded lower at $47.70 before the report.