Oil Turns Lower After EIA Reports 4 Million-barrel Climb In Crude Supplies

Oil prices turned lower on Wednesday after the U.S. Energy Information Administration reported an increase of 4 million barrels in crude supplies for the week ended Sept. 25. That was the first increase in three weeks. Analysts polled by Platts expected supplies to be unchanged, while the American Petroleum Institute Tuesday said supplies jumped 4.6 million barrels, according to sources. Gasoline supplies rose 3.3 million barrels while distillate stockpiles fell 300,000 barrels last week, according to the EIA. November crude was at $44.84 a barrel, down 39 cents, or 0.9%, on the New York Mercantile Exchange. Prices traded at $45.48 before the report.