Crude-oil futures turned lower Wednesday after a weekly U.S. government supply report showed a higher-than-expected increase.
Crude for June delivery was recently down 24 cents at $103.32 U.S. a barrel on the New York Mercantile Exchange. It had traded at $103.85 U.S. moments before the data.
The Energy Information Administration reported an increase of four million barrels in supplies for the week ended April 20. Analysts polled by Platts had expected an increase of 1.5 million barrels.
The EIA also reported gasoline inventories down 2.2 million barrels in the week, and stockpiles of distillates down 3.1 million barrels.
That contrasts with analyst expectations of a decline of 500,000 barrels for gasoline and a increase of 80,000 barrels for distillates.
