Oil Loses More Ground After EIA Reports a 6.6 Million-barrel Rise In U.S. Crude Supplies

By Markets MarketWatch Pulse

Oil futures fell further on Wednesday after the U.S. Energy Information Administration reported a 6.6 million-barrel climb in crude-oil supplies for the week ended April 8. That topped the 6.2 million-barrel increase reported by the American Petroleum Institute, and was much higher than the climb of 1 million barrels expected by analysts polled by Platts. Gasoline supplies fell by 4.2 million barrels, while distillate stockpiles rose by 500,000 barrels last week, according to the EIA. May crude was at $41.36 a barrel on the New York Mercantile Exchange, down 81 cents, or 1.9%. Prices traded at $41.65 before the data.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.