Oil Falls Further After EIA Reports 4.2 Million-barrel Rise In Crude Supplies

Oil prices lost more ground on Thursday after the U.S. Energy Information Administration reported an increase of 4.2 million barrels in crude supplies for the week ended Nov. 6. The American Petroleum Institute on Tuesday had reported a 6.3 million-barrel rise, while analysts polled by The Wall Street Journal expected supplies to be up by 1.1 million barrels. Gasoline supplies fell by 2.1 million barrels, while distillate stockpiles rose 400,000 barrels last week, according to the EIA. December crude traded at $42.22 a barrel on the New York Mercantile Exchange immediately after the data were released, down 71 cents, or 1.7%. Prices traded at $42.27 a barrel before the report.