Oil prices pared some of their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.4 million barrels for the week ended March 2.
Analysts surveyed by S&P Global Platts had forecast a climb of 2.5 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 5.7 million barrels, according to sources. Gasoline stockpiles fell by 800,000 barrels for the week, while distillate stockpiles decreased by 600,000 barrels, according to the EIA.
The S&P Global Platts survey forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. April crude fell 27 cents, or 0.4%, to $62.33 a barrel on the New York Mercantile Exchange, up from $61.85 before the supply data.