Oil futures added to gains Wednesday after the U.S. Energy Information Administration reported a one-million-barrel decline in crude supplies for the week ended Jan. 11.
Analysts polled by Platts expected a 2.5-million-barrel climb. Motor gasoline supplies rose 1.9 million barrels, while distillate stocks added 1.7 million barrels, the EIA report said.
Analysts had forecast a rise of three million barrels for gasoline inventories and a climb of 1.6 million barrels in distillate supplies.
Following the latest data, February crude traded at $93.88 U.S. a barrel, up 60 cents. It was trading around $93.52 U.S. ahead of the report. The American Petroleum Institute reported late Tuesday that crude supplies rose 46,000 barrels last week.
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