Oil turns up; EIA posts petroleum supply declines ( CLN2 ) (by Myra P. Saefong)

SAN FRANCISCO (MarketWatch) -- Crude futures turned higher Wednesday after the U.S. Energy Information Administration reported a broad decline in petroleum supplies for the week ended June 8. Crude supplies fell by 200,000 barrels, while motor gasoline supplies declined by 1.7 million barrels and distillate stocks shed 100,000 barrels in the latest week, the EIA report said. Analysts polled by Platts expected a 2 million-barrel decline in crude-oil supplies for last week. They also forecast an increase of 1 million barrels each for inventories of gasoline and distillate. The American Petroleum Institute late Tuesday reported a 1.6 million-barrel rise in crude supplies. Following the latest data, July crude (cln2) rose 39 cents, or 0.5%, $83.71 a barrel. It was trading around $83.12, down 20 cents, shortly before the data release.