Oil Loses More Ground As U.S. Crude Supplies Jump By 4.8 Million Barrels

Oil prices lost more ground on Wednesday after the U.S. Energy Information Administration reported that crude supplies climbed by 4.8 million barrels for the week ended Dec. 11. The American Petroleum Institute on Tuesday reported a 2.3 million-barrel increase, according to sources, but analysts polled by Platts expected supplies to be down by 2.5 million barrels. Gasoline supplies rose 1.7 million barrels, while distillate stockpiles added 2.6 million barrels last week, according to the EIA. January crude traded at $36.33 a barrel on the New York Mercantile Exchange, down $1.02, or 2.7%. Prices traded at $36.70 before the data.