Oil Keeps Losses After Larger-than-expected Supply Rise

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Oil futures held to losses Thursday after a report showed a larger-than-expected increase in supplies. The Energy Information Administration said U.S. crude inventories rose 8.9 million barrels on the week ended Oct. 10. Analysts polled by Platts had expected an increase of 2.5 million barrels. The EIA said gasoline inventories declined 4 million barrels on the week, and stockpiles of distillates, which include heating oil, decreased 1.5 million barrels. The analysts surveyed by Platts had expected gasoline supplies to decline 1.6 million barrels and distillate stocks to fall 1.8 million barrels on the week. Crude for November delivery was recently down 87 cents, or 1.1%, to $80.93 a barrel on the New York Mercantile Exchange.

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