U.S. oil inventories rose 3.7 million barrels in the week ended Sept. 12, according to data released by the Energy Information Administration Wednesday. That contrasted with expectations of a decline by 400,000 barrels, according to analysts polled by Platts.
The agency added that gasoline supplies were down 1.6 million barrels, while distillates supplies rose 300,000 barrels. Gasoline stocks were seen down 300,000 barrels, and distillate stocks were expected to end the week unchanged.
Oil for October delivery was recently trading at $93.95 U.S. a barrel on the New York Mercantile Exchange, from around $94.24 U.S. a barrel as the report was released.
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