Oil Prices Fall As EIA Reports 10.3 Mln-barrel Jump In Supplies

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Oil prices lost more ground after the U.S. Energy Information Administration on Wednesday reported a jump in crude supplies that was much more than what analysts expected. Crude inventories rose by 10.3 million barrels for the week ended Feb. 27. Analysts polled by Platts forecast a crude-stock climb of 3.7 million barrels, while sources said the API reported a 2.9 million-barrel rise. Gasoline supplies were unchanged from the previous week, while distillate stockpiles fell 1.7 million barrels, according to the EIA. April crude traded at $49.93 a barrel, down 59 cents, or 1.3%, on the New York Mercantile Exchange. Before the report, prices traded around $50.50.

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