Oil Falls Further After Rise In Weekly U.S. Supplies

Oil futures lost more ground on Wednesday after the U.S. Energy Information Administration said crude stockpiles rose 6.3 million barrels for the week ended Jan. 30. Analysts polled by Platts forecast a climb of 2.8 million barrels. Gasoline supplies rose by 2.3 million barrels, while distillate stockpiles climbed by 1.8 million barrels, according to the EIA. March crude traded at $50.31 a barrel, down $2.74, or 5.1%, on the New York Mercantile Exchange. Before the report, prices traded around $50.90.