Oil Extends Losses After EIA Reports Fall Of 2.5 Mln Barrels In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures extended their earlier losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by a less-than-expected 2.5 million barrels for the week ended July 8. The American Petroleum Institute late Tuesday had reported a 2.2 million-barrel climb, according to sources, while analysts polled by S&P Global Platts expected a decline of 3.25 million barrels. Gasoline supplies rose 1.2 million barrels, while distillate stockpiles jumped by 4.1 million barrels last week, according to the EIA. August crude fell 92 cents, or 2%, from Tuesday's settlement to $45.88 a barrel on the New York Mercantile Exchange. Prices traded at $46.25 before the data.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below