Oil Falls Below $45; EIA Reports 4.7 Million-barrel Rise In Crude Supplies

Oil prices fell below $45 a barrel Wednesday after the U.S. Energy Information Administration reported an increase of 4.7 million barrels in crude supplies for the week ended Aug. 28. Analysts polled by Platts forecast a crude-stock fall of 800,000 barrels, while the American Petroleum Institute Tuesday said supplies rose 7.6 million barrels, according to sources. Gasoline supplies fell 300,000 barrels while distillate stockpiles climbed 100,000 barrels last week, according to the EIA. October crude was at $44.78 a barrel, down 63 cents, or 1.4%, on the New York Mercantile Exchange. Prices traded at $45.20 before the report.