Oil pares gain then recovers after EIA supply data

September 5, 2013

SAN FRANCISCO (Sept 5)   Oil futures pared some gains then recovered Thursday in the immediate aftermath of the U.S. Energy Information Administration's weekly report on petroleum supplies. The EIA reported that crude stockpiles for the week ended Aug. 30 fell 1.8 million barrels. Analysts polled by Platts were looking for a decline of 2.5 million barrels. Gasoline supplies also fell by 1.8 million barrels, while distillate stockpiles rose 500,000 barrels, the EIA said. Gasoline stockpiles were expected to decline by 1 million barrels, while forecasts called for an increase of 800,000 barrels for distillates. Following the latest data, October crude cut its gains to trade around $107.53, then climbed to $107.96, up 72 cents, or 0.7%, on the New York Mercantile Exchange. It was trading at $107.69 shortly before the report, which had been delayed by a day because of Monday's holiday

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