EIA data show that U.S. crude supplies edged higher last week

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 600,000 barrels for the week ended April 16. On average, analysts polled by S&P Global Platts forecast a decline of 4.4 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 436,000-barrel climb, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 1.3 million barrels for the week. The EIA reported that gasoline supply was up by 100,000 barrels, while distillate stockpiles fell by 1.1 million barrels for the week. The S&P Global Platts survey had forecast a supply climb of 800,000 barrels for gasoline, but distillate inventories were expected to fall by 1.3 million barrels. Oil prices pared some of their early losses after the supply data, with June West Texas Intermediate crude CLM21, -1.32% was down 57 cents, or 0.9%, at $62.10 a barrel on the New York Mercantile Exchange. Prices were trading at $61.79 before the supply data.