Oil Continues Lower After EIA Reports 7.6 Million-barrel Rise In Crude Supplies

Oil prices continued to trade lower on Thursday after the U.S. Energy Information Administration reported an increase of 7.6 million barrels in crude supplies for the week ended Oct. 9. Analysts polled by Platts expected supplies to be up by 1.8 million barrels, while the American Petroleum Institute Wednesday said inventories jumped 9.3 million barrels. Gasoline supplies fell by 2.6 million barrels, while distillate stockpiles declined by 1.5 million barrels last week, according to the EIA. November crude was at $45.70 a barrel, down 94 cents, or 2%, on the New York Mercantile Exchange. Prices traded at $45.78 before the report.