Oil futures pared gains Wednesday after the U.S. Energy Information Administration reported a 1.3-million-barrel climb in crude supplies for the week ended Jan. 4.
Analysts polled by Platts expected a 1.5-million-barrel climb. Motor gasoline supplies jumped 7.4 million barrels, while distillate stocks rose 6.8 million barrels, the EIA report said.
Analysts had forecast a rise of 2.6 million barrels for gasoline inventories and a climb of 1.5 million barrels in distillate supplies. Following the latest data, February crude traded at $93.20 U.S. a barrel, up five cents. It was trading around $93.45 U.S. ahead of the report.
The American Petroleum Institute reported late Tuesday that crude supplies rose 2.4 million barrels last week.
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