Oil prices pared their earlier declines Thursday after the U.S. Energy Information Administration reported that domestic crude supplies dropped 6.9 million barrels for the week ended Jan. 12. Analysts surveyed by S&P Global Platts had forecast a fall of 425,000 barrels, while the American Petroleum Institute on Wednesday reported a drop of 5.1 million barrels.
Gasoline stockpiles climbed by 3.6 million barrels for the week, while distillate stockpiles declined by 3.9 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 2.7 million barrels for gasoline and a fall of 850,000 barrels for distillates. February crude CLG8, +0.27% was down 27 cents, or 0.4%, to $63.70 a barrel on the New York Mercantile Exchange, but that was up from $63.52 before the supply data.
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