EIA Reports Unexpected Weekly Climb In U.S. Crude-oil Supplies

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices dropped Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies rose by 3.3 million barrels for the week ended June 2. The unexpected rise marked the first weekly increase in nine weeks. The American Petroleum Institute late Tuesday reported a drop of 4.6 million barrels, while analysts polled by S&P Global Platts forecast a fall of 3.5 million barrels. Gasoline stockpiles also climbed by 3.3 million barrels, while distillate stockpiles were up 4.4 million barrels last week, according to the EIA. July crude traded at $46.55 a barrel, $1.64, or 3.4%, on the New York Mercantile Exchange. It traded at $47.62 before the supply data.

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