Oil Prices Under $42 After EIA Reports Unexpected Rise In Crude Supplies

By Myra P. SaefongMarketWatch Pulse

Oil prices fell under $42 a barrel after the U.S. Energy Information Administration on Wednesday reported an increase of 2.6 million barrels in crude supplies for the week ended Aug. 14. Analysts polled by Platts forecast a crude-stock fall of 1.2 million barrels, while the American Petroleum Institute Tuesday said supplies declined 2.3 million barrels, according to sources. Gasoline supplies fell 2.7 million barrels while distillate stockpiles climbed by 600,000 barrels last week, according to the EIA. September crude was at $41.73 a barrel, down 89 cents, or 2.1%, on the New York Mercantile Exchange. Prices traded at $42.16 before the report.

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