Oil prices lost more ground after the U.S. Energy Information Administration on Wednesday reported a jump in crude supplies that was much more than what analysts expected.
Crude inventories rose by 10.3 million barrels for the week ended Feb. 27. Analysts polled by Platts forecast a crude-stock climb of 3.7 million barrels, while sources said the API reported a 2.9-million-barrel rise.
Gasoline supplies were unchanged from the previous week, while distillate stockpiles fell 1.7 million barrels, according to the EIA.
April crude traded at $49.93 U.S. a barrel, down 59 cents, or 1.3%, on the New York Mercantile Exchange. Before the report, prices traded around $50.50 U.S.
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