Oil prices extended earlier gains on Wednesday after the U.S. Energy Information Administration said crude supplies fell by 2.6 million barrels for the week ended March 16.
Analysts surveyed by S&P Global Platts had forecast a climb of 2.6 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 2.7 million barrels, according to sources. Gasoline stockpiles fell by 1.7 million barrels for the week, while distillate stockpiles decreased by 2 million barrels, according to the EIA.
The S&P Global Platts survey forecast supply declines of 1.8 million barrels each for gasoline and distillates. May crude CLK8, +0.29% rose $1.01, or 1.6%, to $64.55 a barrel on the New York Mercantile Exchange, up from $64.23 before the supply data.