Wednesday,23 April,2014

Crude supplies up, oil futures sink
Oil futures demurred on Wednesday following weekly data that showed a slightly bigger-than-expected climb in crude supplies.

The U.S. Energy Information Administration said crude stockpiles rose 3.5 million barrels for the week ended April 18. Analysts polled by Platts were looking for a climb of 3.1 million barrels.

Gasoline supplies fell by 300,000 barrels, while distillate stockpiles rose 600,000 barrels, according to the EIA. Gasoline stockpiles were expected to fall by 1.7 million barrels, while distillates, which include heating oil, were projected to retreat 900,000 barrels, according to the Platts poll.

June crude traded at $101.61 U.S. a barrel, down 14 cents, or 0.1%, on the New York Mercantile Exchange. Before the report, prices traded higher at $101.90 U.S.


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