Oil futures pared some of their earlier gains on Wednesday following weekly data that showed a rise in crude supplies that was a bit more than the market expected.
The U.S. Energy Information Administrationsaid crude stockpiles rose 3.3 million barrels for the week ended Feb. 7. Analysts polled by Platts were looking for a climb of 2.5 million barrels. Gasoline supplies fell by 1.9 million barrels, while distillate stockpiles declined by 700,000 barrels, the EIA said. Gasoline stockpiles were expected to be unchanged while distillate supplies were seen down 2.5 million barrels, also according to the Platts poll. March crude traded at $100.99U.S. a barrel, up $1.05, or 1.1%, on the New York Mercantile Exchange. It was at $101.18U.S. soon before the report.