Oil Prices Drop As U.S. Supplies Rise More Than Expected
Losses in oil prices intensified Wednesday after the U.S. Energy Information Administration reported a bigger-than-expected increase in crude supplies. Inventories rose 4.9 million barrels for the week ended Feb. 6. Analysts polled by Platts forecast an increase of 3.4 million barrels. Gasoline supplies also climbed by 2 million barrels, while distillate stockpiles fell 3.3 million barrels, according to the EIA. March crude traded at $48.39 a barrel, down $1.65, or 3.3%, on the New York Mercantile Exchange. Before the report, prices traded around $48.72.
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