EIA Reports 400,000-barrel Rise In Weekly Oil Supplies

Oil prices turned lower after the U.S. Energy Information Administration on Wednesday reported an increase of 400,000 barrels in crude supplies for the week ended July 3. Analysts polled by Platts forecast a crude-stock fall of 1.1 million barrels. Gasoline supplies rose 1.2 million barrels and distillate stockpiles climbed by 1.6 million barrels last week, according to the EIA. August crude was at $51.66 a barrel, down 67 cents, or 1.3%, on the New York Mercantile Exchange. Prices traded at $52.70 before the report.