Oil Prices Extend Losses As EIA Reports Smaller-than-expected Fall In U.S. Crude Supplies

Oil prices extended earlier losses Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 1.7 million barrels for the week ended June 9. Analysts at Citi Futures expected a decline of between 2 million and 3 million barrels, but the American Petroleum Institute late Tuesday reported a climb of 2.8 million barrels, according to sources. Gasoline stockpiles rose 2.1 million barrels, while distillate stockpiles edged up by 300,000 barrels last week, according to the EIA. July crude fell 68 cents, or 1.5%, to $45.78 a barrel on the New York Mercantile Exchange. It traded at $46.13 before the supply data.