Oil Futures Turn Lower After Supply Report

MarketWatch Pulse

U.S. crude-oil supplies rose by 7.1 million barrels in the week ended Oct. 17, the Energy Information Administration reported Wednesday. Analysts surveyed by Platts had expected an increase of 2.5 million barrels. Crude futures reversed course on the news, and the November contract was recently down 64 cents, or 0.8%, at $81.84 a barrel on the New York Mercantile Exchange. The contract traded at $82.55 before the report. The EIA also said gasoline inventories decreased 1.3 million barrels on the same week, and supplies of distillates rose 1 million barrels. The analysts polled by Platts had expected gasoline inventories to decline 1.7 million barrels, and distillates supplies to fall 1.5 million barrels.

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