Oil Extends Losses As EIA Reports 10.4 Million-barrel Jump In U.S. Crude Supplies

By Myra P. SaefongMarketWatch Pulse

Oil futures lost more ground on Wednesday after the U.S. Energy Information Administration reported a 10.4 million-barrel climb in crude-oil supplies for the week ended Feb. 26. That was above the 9.9 million-barrel increase reported by the American Petroleum Institute, and more than four times higher than the rise of 2.5 million barrels expected by analysts polled by Platts. Gasoline supplies fell by 1.5 million barrels, while distillate stockpiles climbed by 2.9 million barrels last week, according to the EIA. April crude was at $33.90 a barrel on the New York Mercantile Exchange, down 50 cents, or 1.5%. Prices traded at $34.30 a barrel before the data.

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