Oil futures remain higher as EIA reports an 8 million-barrel weekly drop in U.S. crude supplies

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 8 million barrels for the week ended April 30. On average, analysts polled by S&P Global Platts forecast a decline of 3.9 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 7.7 million-barrel drop, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 200,000 barrels for the week. The EIA reported that gasoline supply inched higher by 700,000 barrels, while distillate stockpiles declined by 2.9 million barrels for the week. The S&P Global Platts survey had expected weekly supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. Oil prices remained higher after the supply data, with June West Texas Intermediate crude

up 74 cents, or 1.1%, at $66.43 a barrel on the New York Mercantile Exchange. Prices were trading at $66.48 before the supply data.

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