Oil Turns Higher After EIA Reports 900,000-barrel Fall In U.S. Crude Supplies

Oil futures turned higher Wednesday after the U.S. Energy Information Administration reported that U.S. crude supplies fell by 900,000 barrels for the week ended June 10. The American Petroleum Institute late Tuesday had reported a 1.2 million-barrel rise, while analysts polled by S&P Global Platts expected a 1.4 million-barrel decline. Gasoline supplies declined by 2.6 million barrels, while distillate stockpiles edged up by 800,000 barrels last week, according to the EIA. July crude was at $48.60 a barrel on the New York Mercantile Exchange, up 11 cents, or 0.2%, from Tuesday's settlement. Prices traded lower at $47.90 before the data.