Oil futures gave up some gains Wednesday morning after the U.S. Energy Information Administration reported crude oil supplies increased last week by more than many analysts had expected.
U.S. crude oil inventories rose by 2.6 million barrels last week, according to EIA data, slightly more than Platts survey of analysts forecast for a 2.3 million barrel build in oil supplies. The EIA data is bearish compared to consensus estimates as well as Tuesday night's industry report from the American Petroleum Institute, which showed a 1.4 million barrel decline in weekly oil supplies.
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