YEREVAN, January 9. /ARKA/. Oil futures lost more ground on Wednesday following weekly data from the U.S. Energy Information Administration showing that crude supplies fell by a less-than-expected 2.7 million barrels for the week ended Jan. 3.
Analysts polled by Platts were looking for a decline of 3.3 million barrels while the American Petroleum Institute late Tuesday reported a drop of 7.3 million barrels. Gasoline supplies climbed 6.2 million barrels, while distillate stockpiles rose 5.8 million barrels, the EIA said. Gasoline stockpiles were expected to climb 2 million barrels while distillate supplies were seen up 1.9 million barrels, according to the Platts poll. Following the latest data, February crude CLG4 +0.31% traded at $92.94 a barrel, down 73 cents, or 0.8%, on the New York Mercantile Exchange. It was at $93.52 shortly before the report. –0--