Oil Turns Higher As EIA Reports Fall In Gasoline Stockpiles

Oil prices turned slightly higher after the U.S. Energy Information Administration on Wednesday reported another climb in weekly crude supplies, but showed that gasoline inventories fell more than expected. Crude inventories rose 5.3 million barrels for the week ended April 17. Analysts polled by Platts forecast a crude-stock climb of 2.6 million barrels, while the API reported a 5.5 million-barrel rise. Gasoline supplies were down 2.1 million barrels, while distillate stockpiles rose 400,000 barrels last week, according to the EIA. June crude traded at $56.67 a barrel, up 6 cents, or 0.1%, on the New York Mercantile Exchange. Before the report, prices traded around $56.10.