Oil prices pared some of their earlier losses on Wednesday after the U.S. Energy Information Administration said crude supplies rose by 1.6 million barrels for the week ended March 23. Analysts surveyed by S&P Global Platts had forecast a climb of 1 million barrels, while the American Petroleum Institute on Tuesday reported a jump of 5.3 million barrels, according to sources.
Gasoline stockpiles fell by 3.5 million barrels for the week, while distillate stockpiles decreased by 2.1 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 2 million barrels for gasoline and 1.9 million for distillates. May crudeCLK8, +0.22% fell 43 cents, or 0.7%, to $64.82 a barrel on the New York Mercantile Exchange, up from $64.44 before the supply data.