Oil Below $48 As EIA Reports 4.5 Mln Barrel Supply Rise

Oil prices fall under $48 a barrel after the U.S. Energy Information Administration on Wednesday reported a rise in crude supplies that was more than what analysts expected. Crude inventories climbed by 4.5 million barrels for the week ended March 6. Analysts polled by Platts forecast a crude-stock climb of 4.2 million barrels, while sources said the API reported a fall of 404,000 barrels. Gasoline supplies were down 200,000 barrels, while distillate stockpiles rose 2.5 million barrels, according to the EIA. April crude traded at $47.96 a barrel, down 33 cents, or 0.7%, on the New York Mercantile Exchange. Before the report, prices traded around $48.14.