WTI Oil Climbs After EIA Reports An Unexpected Fall In Crude Supplies

Oil futures turned higher Wednesday after the U.S. Energy Information Administration reported a surprise decline in weekly supplies of crude oil. Crude inventories fell by 800,000 barrels for the week ended Feb. 5. The American Petroleum Institute on Tuesday reported a 2.4 million-barrel increase, according to sources. Analysts polled by Platts expected a rise of 3.2 million. Gasoline and distillate supplies each climbed by 1.3 million barrels, the EIA said. March crude was at $28.58 a barrel on the New York Mercantile Exchange, up 64 cents, or 2.3%. Prices traded at $28.09 before the data.