Oil prices pare losses with U.S. supplies down a second week in a row, May 16, 2018

The U.S. Energy Information Administration reported Wednesday that crude supplies declined by 1.4 million barrels for the week ended May 11.


Analysts surveyed by S&P Global Platts had forecast a decline of 2.3 million barrels, but the American Petroleum Institute on Tuesday reported a rise of nearly 4.9 million barrels, according to sources.


Gasoline stockpiles fell by 3.8 million barrels for the week, while distillate stockpiles inched down by 100,000 barrels, according to the EIA.


The S&P Global Platts survey forecast supply declines 2 million barrels for gasoline and 1.3 million barrels for distillates. June crude CLM8, +0.07% was down 31 cents, or 0.4%, to $71 a barrel on the New York Mercantile Exchange, up from $70.73