U.S. oil prices top $58 as EIA reports a nearly 4 million-barrel drop in U.S. crude supplies

The Energy Information Administration on Wednesday reported thatU.S. crude supplies fell by 3.9 million barrels for the week ended March 8. That ran counter to a climb of 3.3 million barrels expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a 2.6 million barrel decline, according to sources. Supplies of gasoline dropped by 4.6 million barrels, while distillates edged up by 400,000 barrels last week, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 3.5 million barrels for gasoline and 2.5 million barrels for distillates. April West Texas Intermediate crude was up $1.14, or 2%, at $58.01 a barrel on the New York Mercantile Exchange. It was trading at $57.79 before the data.

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