Aug. 14 (Bloomberg) -- Oil futures pared losses after the U.S. Energy Information Administration said stockpiles decreased 2.81 million barrels to 360.5 million barrels last week.
Inventories were forecast to decline 1.5 million barrels, according to the median of 11 analyst estimates in a Bloomberg survey before publication of the inventory report at 10:30 a.m. in Washington.
Crude oil for September delivery dropped 12 cents to $106.71 a barrel at 10:31 a.m. on the New York Mercantile Exchange. Oil traded at $106.36 a barrel before the report.
The industry-funded American Petroleum Institute was said to report yesterday that supplies decreased 999,000 barrels last week.
--Editors: Margot Habiby, Susan Warren