Oil futures turned lower Wednesday after the U.S. Energy Information Administration’s weekly report showed an unexpected climb in crude supplies.
The EIA reported that crude stockpiles for the week ended Sept. 20 rose 2.6 million barrels.
Analysts polled by Platts were looking for a decline of 1.5 million barrels.
Gasoline supplies rose 200,000 barrels, while distillate stockpiles were down 200,000 barrels, the EIA said. Gasoline stockpiles were expected to fall 1.5 million barrels, while forecasts called for a decline of one million barrels for distillates.
Following the latest data, November crude traded at $102.95 U.S. a barrel, down 18 cents, or 0.2% on the New York Mercantile Exchange. It was trading at $103.45 U.S. shortly before the report.
