Oil Futures Add To Losses After Surprise Supply Increase

U.S. crude-oil inventories rose by 5 million barrels in the week ended Oct. 3, the Energy Information Administration said Wednesday. That contrasted with expectations of an increase of 2.1 million barrels, according to analysts polled by Platts. Oil futures declined further after the data, with the November contract recently falling by $1.67, or 1.9%, to $87.13 a barrel on the New York Mercantile Exchange. Gasoline inventories rose 1.2 million on the week, and supplies of distillates increased by 400,000 barrels, the EIA said. The analysts polled by Platts had expected gasoline stocks to decline 1.1 million barrels and distillate supplies to decrease by 800,000 barrels.