Oil futures cut their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 2.6 million barrels for the week ended Dec. 9. The American Petroleum Institute late Tuesday reported a climb of 4.7 million barrels, according to sources. Analysts and traders polled by The Wall Street Journal forecast a stockpile decline of 1.7 million barrels, on average. Gasoline supplies rose 500,000 barrels while distillate stockpiles fell 800,000 barrels, according to the EIA. January crude traded down 58 cents, or 1.1%, to $52.40 a barrel on the New York Mercantile Exchange, up from $52 before the data.
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