Oil prices pared some of their gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 4.9 million barrels for the week ended Jan. 5. That was more than the 3.5 million-barrel decline forecast by analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday, however, had reported a decline of 11.2 million barrels, according to sources. Gasoline stockpiles rose 4.1 million barrels for the week, while distillate stockpiles added 4.3 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 2.3 million barrels for gasoline and an increase of 2.1 million barrels for distillates. February crude rose 21 cents, or 0.3%, to $63.17 a barrel on the New York Mercantile Exchange, down from $63.35 before the supply data.
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