Oil Continues To Decline After EIA Reports 8 Million-barrel Jump In Crude Supplies

Oil prices continued to fall on Wednesday after the U.S. Energy Information Administration reported an increase of 8 million barrels in crude supplies for the week ended Oct. 16. Analysts polled by Platts expected supplies to be up by 2.7 million barrels, while the American Petroleum Institute Tuesday said inventories rose 7.1 million barrels, according to sources. Gasoline supplies fell by 1.5 million barrels, while distillate stockpiles declined by 2.6 million barrels last week, according to the EIA. December crude was at $45.30 a barrel, down 99 cents, or 2.1%, on the New York Mercantile Exchange. Prices traded at $45.12 before the report.