U.S. oil prices pare declines after EIA reports a weekly drop in domestic crude supplies 31 May 2018

The U.S. Energy Information Administration reported Thursday that crude supplies fell by 4.2 million barrels for the week ended May 25.


Analysts surveyed by S&P Global Platts had forecast a decline of 600,000 barrels, while the American Petroleum Institute on Wednesday reported a rise of 1 million barrels, according to sources. Data were released a day later than usual because of Monday’s holiday.


Gasoline stockpiles edged up by 500,000 barrels for the week, while distillate stockpiles also rose by 600,000 barrels, according to the EIA.


The S&P Global Platts survey forecast supply declines 1.5 million barrels for gasoline and nearly 1.1 million barrels for distillates. July crude CLN8, +0.19% was down 46 cents, or 0.7%, to $67.75 a barrel on the New York Mercantile Exchange, up from $67.14.