Oil futures continued to trade lower Wednesday after the U.S. Energy Information Administration reported a climb in crude supplies that was about double market expectations.
The EIA report said crude supplies rose 3.3 million barrels for the week ended March 22. Analysts polled by Platts expected a 1.6 million-barrel climb.
Motor gasoline supplies fell by 1.6 million barrels, matching analysts' expectations, while distillate stockpiles declined by 4.5 million barrels, compared with forecasts for a decline of 700,000 barrels in distillate supplies.
Following the latest data, May crude traded at $95.90 U.S. a barrel, down 44 cents, or 0.5%. It was trading around $95.85 U.S. shortly before the report.
The American Petroleum Institute reported late Tuesday a 3.7-million-barrel rise in crude supplies.
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