Oil Futures Drop After EIA Reports a Whopping 14.4 Million-barrel Climb In U.S. Crude Supply

Oil futures dropped Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 14.4 million barrels in the week ended Oct. 28. Analysts polled by S&P Global Platts expected a 1.9 million-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 9.3 million barrels, according to sources. Gasoline supplies, meanwhile, fell by 2.2 million barrels and distillate stockpiles declined 1.8 million barrels, according to the EIA. December crude lost $1.59, or 3.4%, to $45.08 a barrel on the New York Mercantile Exchange, with prices set for their lowest finish since late September. Prices traded at $45.80 before the data.