Oil Continues Lower As EIA Reports 8.4 Mln-barrel Supply Rise

Oil prices continued to trade lower after the U.S. Energy Information Administration on Wednesday reported an increase in crude supplies that was more than double what analysts expected. Crude inventories rose by 8.4 million barrels for the week ended Feb. 20. Analysts polled by Platts forecast a crude-stock climb of 3.7 million barrels, while the API had reported an 8.9 million-barrel rise. Gasoline supplies fell by 3.1 million barrels, while distillate stockpiles declined by 2.7 million barrels, according to the EIA. April crude traded at $49.01 a barrel, down 28 cents, or 0.6%, from Tuesday's close on the New York Mercantile Exchange. Before the report, prices traded around $48.98.