Oil Seesaws As EIA Reports Modest Rise In U.S. Crude Supplies

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices seesawed Wednesday between modest gains and losses, after data from the U.S. Energy Information Administration showed that domestic crude supplies rose by 100,000 barrels for the week ended June 23. That defied forecasts for a decline of 3.25 million barrels by analysts surveyed by S&P Global Platts, but came in below the increase of 851,000 barrels reported by the American Petroleum Institute. Gasoline stockpiles fell by 900,000 barrels, while distillate stockpiles also declined by 200,000 barrels last week, according to the EIA. August crude was up 11 cents, or 0.3%, to $44.35 a barrel on the New York Mercantile Exchange. It traded at $44.28 before the supply data.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.