Wednesday brought another drop in oil prices -- this time, by about 3% -- after government data showed that U.S. crude stockpiles unexpectedly rose in the last week, though not by as much as an earlier industry report indicated.
Information released Wednesday by the Energy Information Administration showed inventories of U.S. commercial crude jumped by 2.6 million barrels in the week through Dec. 25.
A poll of analysts estimated that crude stocks fell 2.5 million barrels. The American Petroleum Institute, an industry group, on Tuesday reported a 2.9-million barrel buildup in U.S. stocks.
The EIA went on to say crude stocks at the Cushing, Oklahoma, delivery hub increased by 892,000 barrels to a record.
Moreover, gasoline stocks rose by 925,000 barrels, compared with analysts' expectations for a 896,000-barrel gain. Distillate stockpiles, which include diesel and heating oil, were up by 1.8 million barrels, versus expectations for a one-million-barrel increase, the EIA data showed.
