Oil pares gains after EIA reports unexpected rise in U.S. crude supplies

Oil futures pared gains Wednesday after the U.S. Energy Information Administration reported a 1.3 million-barrel rise in crude-oil supplies for the week ended May 13. The American Petroleum Institute late Tuesday had reported a 1.1 million-barrel fall, while analysts polled S&P Global Platts expected a 3 million-barrel decline. Gasoline supplies were down by 2.5 million barrels, while distillate stockpiles fell 3.2 million barrels last week, according to the EIA. June crude was at $48.51 a barrel on the New York Mercantile Exchange, up 20 cents, or 0.4%. Prices traded at $48.63 before the data.

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