Oil Extends Losses After EIA Data Show U.S. Crude Supplies Up 2.5 Mln Barrels

By Markets MarketWatch Pulse

Oil futures lost more ground on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.5 million barrels in the week ended Aug. 19. That was significantly above the 200,000-barrel climb expected by analysts polled by S&P Global Platts, but the American Petroleum Institute late Tuesday reported a rise of nearly 4.5 million barrels, according to sources. Gasoline supplies were flat for the week, while distillate stockpiles edged up by 100,000 barrels, according to the EIA. October crude fell $1, or 2.1%, from Tuesday's settlement to $47.10 a barrel on the New York Mercantile Exchange. Prices traded at $47.50 before the data.

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