Oil Falls Further After EIA Shows Supply Increase

Crude-oil futures lost more ground Wednesday after the U.S. Energy Information Administration reported a surprise increase in U.S. supplies. The EIA said oil inventories rose by 1.5 million barrels in the week ending Dec. 5. Analysts had expected a decrease in supplies around 3 million barrels. The EIA also said gasoline supplies rose by 8.2 million barrels, and supplies of distillates, which include heating oil, rose by 5.6 million barrels. Oil for January delivery was off $2.53, or 4%, to $61.24 a barrel on the New York Mercantile Exchange.