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.
Copyright © 2016 MarketWatch, Inc.