Oil prices fell under $48 U.S. a barrel after the U.S. Energy Information Administration on Wednesday reported a rise in crude supplies that was more than what analysts expected.
Crude inventories climbed by 4.5 million barrels for the week ended March 6. Analysts polled by Platts forecast a crude-stock climb of 4.2 million barrels, while sources said the American Petroleum Institute reported a fall of 404,000 barrels.
Gasoline supplies were down 200,000 barrels, while distillate stockpiles rose 2.5 million barrels, according to the EIA. April crude traded at $47.96 U.S. a barrel, down 33 cents, or 0.7%, on the New York Mercantile Exchange. Before the report, prices traded around $48.14 U.S.
