U.S. Crude Supplies Top 528 Million Barrels To Log Another EIA Weekly Record

By Myra P. Saefong Markets MarketWatch Pulse

The U.S. Energy Information Administration on Wednesday reported an 8.2 million-barrel climb in domestic crude supplies for last week, lifting total commercial inventories to a new record weekly level of 528.4 million. That marked a ninth straight weekly increase. The American Petroleum Institute late Tuesday reported a rise of 11.6 million barrels, according to sources, while analysts polled by S&P Global Platts forecast an increase of 1.6 million barrels. Gasoline supplies, however, dropped 6.6 million barrels, while distillate stockpiles were down 2.7 million barrels last week, according to the EIA. April crude fell 45 cents, or 0.9%, at $52.69 a barrel on the New York Mercantile Exchange. It was trading at $52.45 before the supply data.

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