EIA data show an unexpected weekly climb in U.S. crude supplies
The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 5.4 million barrels for the week ended May 10. Analysts and traders expected a fall of 1.4 million barrels, on average, according to a survey by The Wall Street Journal. Data from the American Petroleum Institute on Tuesday had shown an increase of 8.6 million barrels, according to sources. The EIA data also showed that gasoline inventories were down 1.1 million barrels, while distillate stockpiles edged up by 100,000 barrels last week. The WSJ survey had shown expectations for supply declines of 600,000 barrels for gasoline and 500,000 barrels for distillates. June West Texas Intermediate crude CLM9, -0.16% fell 19 cents, or 0.3%, to $61.59 a barrel on the New York Mercantile Exchange. It was trading at $61.37 before the supply data.
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