Oil futures fell below $90 U.S. a barrel Wednesday after the U.S. Energy Information Administration reported that crude supplies climbed by 3.8 million barrels for the week ended March 1.
Analysts polled by Platts expected a 1.1-million-barrel climb.
Motor gasoline supplies fell 600,000 barrels, while distillate stockpiles declined by 3.8 million barrels, the EIA report said. Analysts expected a decline of 1.6 million barrels for gasoline stockpiles and a 1.3-million-barrel fall in distillate supplies.
Following the latest data, April crude traded at $89.81 U.S. a barrel, down $1.02, or 1.1%. It was trading at $90.17 U.S. shortly before the report. The American Petroleum Institute reported late Tuesday that crude supplies jumped 5.6 million barrels last week.
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