Oil prices extend gains as weekly U.S. crude supplies unexpectedly decline

Oil prices extended earlier gains on Wednesday after the U.S. Energy Information Administration said crude supplies fell by 2.6 million barrels for the week ended March 16. Analysts surveyed by S&P Global Platts had forecast a climb of 2.6 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 2.7 million barrels, according to sources. Gasoline stockpiles fell by 1.7 million barrels for the week, while distillate stockpiles decreased by 2 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 1.8 million barrels each for gasoline and distillates. May crude CLK8, +2.38% rose $1.01, or 1.6%, to $64.55 a barrel on the New York Mercantile Exchange, up from $64.23 before the supply data.