By Polya Lesova
NEW YORK (MarketWatch) -- Oil futures pared their gains Wednesday after the Energy Information Administration reported a bigger-than-expected rise in crude supplies. The EIA said supplies rose by 2.5 million barrels during the week ended Aug. 7, higher than the rise of 1.2 million barrels expected by analysts polled by Platts. After the data, September crude futures were last up 69 cents to $70.11 a barrel on Globex. Before the data, oil futures traded just above $71 a barrel. The EIA also said that gasoline stocks fell by 1 million barrels and distillate inventories rose by 800,000 barrels last week. Analysts polled by Platts expected a decline in gasoline stocks of 1.7 million barrels as well as a rise in distillate stocks of 900,000 barrels.
