Oil futures trimmed gains but remained up sharply Wednesday after official data showed U.S. crude inventories saw a large drop last week, though gasoline stocks unexpectedly rose. West Texas Intermediate crude for September delivery /zigman2/quotes/211629951/delayed CL.1 -0.34% remained up $1.54, or 3.4%, at $43.24 a barrel on the New York Mercantile Exchange, after rising to a five-month intraday high at $43.52 immediately after the data. The Energy Information Administration said U.S. crude stocks fell by 7.4 million barrels in the week ended July 31, while gasoline inventories rose 419,000 barrels and distillate supplies increased by 1.6 million barrels. Oil was boosted in earlier trade after the American Petroleum Institute late Tuesday said crude supplies had fallen by 8.6 million barrels last week. Analysts surveyed by S&P Global Platts, on average, had looked for the more closely followed EIA crude inventories to show a fall of 4.1 million barrels, while gasoline stocks were forecast to decline 1.3 million barrels and distillate supplies are seen rising 100,000 barrels.
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Oil remains sharply higher after data confirms large drop in U.S. crude inventories