Oil prices pare losses after EIA reports a smaller-than-expected rise in U.S. crude supplies
The Energy Information Administration reported Wednesday that domestic crude supplies rose by 1.3 million barrels for the week ended Feb. 1. That was smaller than the 3.7 million-barrel rise expected by analysts polled by S&P Global Platts. American Petroleum Institute data on Tuesday showed an increase of 2.5 million barrels, according to sources. Gasoline stockpiles edged up by 500,000 barrels last week, while distillate stockpiles were down 2.3 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply increases of 1.7 million barrels each for gasoline and distillates. March West Texas Intermediate crude was down 23 cents, or 0.4%, at $53.43 a barrel on the New York Mercantile Exchange. It was trading around $53.20 before the data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.