Oil Turns Lower After EIA Reports Smaller-than-expected Fall In U.S. Crude Supplies

Oil futures turned lower Thursday after the U.S. Energy Information Administration reported that domestic crude supplies declined by 2.2 million barrels for the week ended July 1. The American Petroleum Institute late Wednesday had reported a 6.7 million-barrel drop, while analysts polled by S&P Global Platts expected a decline of 2.6 million barrels. The data were delayed by a day following the Independence Day holiday on Monday. Gasoline supplies edged down by 100,000 barrels, while distillate stockpiles fell 1.6 million barrels last week, according to the EIA. August crude was at $46.90 a barrel on the New York Mercantile Exchange, down 53 cents, or 1.1%, from Wednesday's settlement. Prices traded at $47.85 before the data.