Oil Adds To Loss After Surprise Gasoline Supply Increase

Crude-oil futures added to losses Thursday after a weekly supply report showed a larger-than-expected decline in crude inventories but a surprise increase in gasoline supplies. The Energy Information Administration said U.S. oil supplies decreased 1.7 million barrels in the week ended Nov. 7. Analysts polled by Platts had expected a decline of 500,000 barrels. Gasoline inventories rose by 1.8 million, and supplies of distillates decreased by 2.8 million barrels. The analysts surveyed by Platts had expected gasoline supplies to decrease 280,000 barrels and distillates stockpiles to decrease 1.6 million barrels. The EIA report came a day later due to the Veterans Day holiday. Crude for December delivery was recently down $1.91, or 2.5%, to trade at $75.26 a barrel on the New York Mercantile Exchange. The contract traded at $75.70 a barrel shortly before the EIA report.