Oil futures were little changed in New York, rebounding from a decline of 2.3 percent after the U.S. government reported an unexpected decline in supplies last week.

Crude oil for December delivery fell 2 cents to $96.78 a barrel on the New York Mercantile Exchange. Oil traded at $94.84 a barrel before the release of the report at 10:30 a.m. in Washington.

Oil pared losses after the U.S. Energy Department said supplies fell 1.37 million barrels last week. Analysts had expected a gain of 500,000 barrels.