EIA Reports 2.4 Million-barrel Rise In Weekly Oil Supplies

By Myra P. SaefongMarketWatch Pulse

Oil prices extended their decline after the U.S. Energy Information Administration on Wednesday reported an unexpected increase of 2.4 million barrels in crude supplies for the week ended June 26. Analysts polled by Platts forecast a crude-stock fall of 1.3 million barrels, while the American Petroleum Institute late Tuesday reported a rise of 1.9 million barrels. Gasoline supplies fell by 1.8 million barrels and distillate stockpiles rose by 400,000 barrels last week, according to the EIA. August crude was at $58.07 a barrel, down $1.40, or 2.4%, on the New York Mercantile Exchange. Prices traded at $58.25 before the report.

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