EIA Reports 2.5 Million-barrel Climb In Weekly Oil Supplies

Oil prices continued lower after the U.S. Energy Information Administration on Wednesday reported a climb of 2.5 million barrels in crude supplies for the week ended July 17. Analysts polled by Platts forecast a crude-stock fall of 1.9 million barrels, while the American Petroleum Institute Tuesday said supplies climbed by 2.3 million barrels, according to sources. Gasoline supplies fell 1.7 million barrels while distillate stockpiles tacked on 200,000 barrels last week, according to the EIA. September crude was at $49.97 a barrel, down 89 cents, or 1.8%, on the New York Mercantile Exchange. Prices traded around the same level before the report.