Balanced News: Oil higher after EIA reports drop in U.S. crude inventories

Oil futures held gains Wednesday after the Energy Information Administration reported a 5.9 million barrel drop in U.S. crude inventories in the week ended Dec. 16. The EIA said gasoline stocks rose 2.5 million barrels, while distillate supplies fell by around 200,000 barrels. Analysts surveyed by S&P Global Commodity Insights, on average, had looked for crude inventories to rise by 600,000 barrels, while gasoline supplies were seen up 6 million barrels and distillates down 400,000 barrels.