Oil Turns Lower As EIA Reports Hefty Increases In Gasoline, Distillate Supplies

Oil prices turned slightly lower on Wednesday after the U.S. Energy Information Administration reported that supplies of gasoline and distillates jumped last week, even as crude stockpiles also edged higher. Crude inventories climbed by 200,000 barrels for the week ended Jan. 8. The American Petroleum Institute on Tuesday reported a 3.9 million-barrel decline, according to sources. Analysts polled by Platts expected supplies to be up 2 million barrels. Gasoline supplies increased by 8.4 million barrels, while distillate stockpiles added 6.1 million barrels last week, according to the EIA. February crude traded at $30.12 a barrel on the New York Mercantile Exchange, down 32 cents, or 1.1%. Prices traded at $30.87 before the data.

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