Crude Pares Drop After U.S. Supply Decrease

From bloomberg.com

Oil futures pared losses after the U.S. Energy Information Administration said stockpiles decreased 7.01 million barrels to 360.6 million last week. Inventories were forecast to drop 2.83 million barrels, according to the median of eight analyst estimates in a Bloomberg survey before the report at 11 a.m. in Washington, two days later than usual because of the New Year’s Day holiday. The industry-funded American Petroleum Institute said Dec. 31 that supplies slid 5.67 million barrels last week to 361.8 million. Crude oil for February delivery declined 70 cents, or 0.7 percent, to $94.74 a barrel at 11:01 a.m. on ... (full story)