Surprise Increase In Supplies Sends Crude Lower

U.S. crude supplies rose by 2.6 million barrels in the week ended Nov. 14, the Energy Information Administration reported Wednesday. That contrasted with analyst expectations of a decline by 660,000 barrels, according to Platts. The EIA also said gasoline inventories increased by 1 million barrels, and supplies of distillates, which include heating oil, were down by 2.1 million barrels in the week. The analysts surveyed by Platts had expected gasoline supplies to increase by 600,000 barrels and distillates stocks to decrease by 1.2 million barrels. Following the surprise increase in crude supplies, crude-oil futures extended losses, and the December contract was recently down 16 cents, or 0.2%, to $74.55 a barrel on the New York Mercantile Exchange.