Oil futures rally as EIA reports a surprise weekly drop in U.S. crude supplies

on Feb27
by | Comments Off on Oil futures rally as EIA reports a surprise weekly drop in U.S. crude supplies |

Oil futures gained more ground on Wednesday after data from the Energy Information Administration revealed that U.S. crude supplies unexpectedly dropped by 8.6 million barrels. The decline followed five straight weeks of increases and defied most market forecasts. Informa Economics expected a rise of 3.5 million barrels. The American Petroleum Institute data on Tuesday showed a decline of 4.2 million barrels, according to sources. Supplies of gasoline fell by 1.9 million barrels, while distillates edged down by 300,000 barrels last week, according to the EIA. Informa Economics expected supply declines of 1.5 million barrels for gasoline and 2.5 million barrels for distillates. April West Texas Intermediate crude














CLJ9, +3.14%












was up $1.45, or 2.6%, at $56.95 a barrel on the New York Mercantile Exchange. It was trading at $56.40 before the data.

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