Oil prices extend decline on growing supplies
The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 4.7 million barrels for the week ended May 17.
Analysts polled by S&P Global Platts expected a fall of 2 million barrels, on average.
Data from the American Petroleum Institute on Tuesday had shown an increase of 2.4 million barrels, according to sources.
The EIA data also revealed that gasoline inventories climbed by 3.7 million barrels, while distillate stockpiles edged up by 800,000 barrels last week.
The S&P Global Platts survey had shown expectations for a supply climb of 1 million barrels for gasoline and a decline of 1 million barrels for distillate stockpiles.
CLICK HERE TO GET THE FOX BUSINESS APP
July West Texas Intermediate crude fell by 80 cents, or 1.3%, to $62.33 a barrel on the New York Mercantile Exchange. It was trading at $62.50 before the supply data.