Oil Turns Higher After EIA Reports An Unexpected Drop In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures turned higher on Wednesday after the U.S. Energy Information Administration reported a 3.4 million-barrel decline in crude-oil supplies for the week ended May 6. The American Petroleum Institute late Tuesday had reported a 3.45 million-barrel increase, while analysts polled S&P Global Platts expected a 300,000-barrel increase. Gasoline supplies fell by 1.2 million barrels, while distillate stockpiles were down 1.6 million barrels last week, according to the EIA. June crude was at $45.12 a barrel on the New York Mercantile Exchange, up 46 cents, or 1%. Prices traded lower at $44.22 before the data.

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