Oil futures continued to trade higher on Wednesday after weekly data showed a decline in U.S. crude supplies that was more than double what the market expected.
The U.S. Energy Information Administrationsaid crude stockpiles fell 2.6 million barrels for the week ended June 6. Analysts polled by Platts forecast a decline of 1.2 million barrels. Gasoline supplies rose by 1.7 million barrels, while distillate stockpiles climbed by 900,000 barrels, according to the EIA. Gasoline stockpiles were expected to fall by 500,000 barrels, while distillates, which include heating oil, were seen up 750,000 barrels, according to the Platts poll. July crude traded at $104.38U.S. a barrel, up three centson the New York Mercantile Exchange. Before the report, prices traded at $104.40U.S.