Oil prices lost more ground after the U.S. Energy Information Administration on Wednesday reported a 10th straight weekly increase in crude supplies that was more than double what analysts expected.
Crude inventories climbed by 9.6 million barrels for the week ended March 13. Analysts polled by Platts forecast a crude-stock climb of 3.7 million barrels, while the American Petroleum Institute reported a 10.5 million-barrel jump.
Gasoline supplies were down 4.5 million barrels, while distillate stockpiles rose 400,000 barrels, according to the EIA.
April crude traded at $42.33 U.S. a barrel, down $1.13, or 2.6%, on the New York Mercantile Exchange. Before the report, prices traded around $42.50 U.S.
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