Oil Futures Fall After EIA Reports An Unexpected Rise In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures fell on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 1.7 million barrels for the week ended July 22. That was contrary to the 2.6 million-barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute late Tuesday reported a fall of 827,000 barrels, according to sources. Gasoline supplies also climbed by 500,000 barrels, while distillate stockpiles fell by 800,000 barrels last week, according to the EIA. September crude shed 59 cents, or 1.4%, from Tuesday's settlement to $42.33 a barrel on the New York Mercantile Exchange. Prices traded at $43.13 before the data.

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