Oil futures fell further Wednesday after the U.S. Energy Information Administration reported a bigger-than-expected rise in crude supplies for the week ended Nov. 2.
Crude supplies rose by 1.8 million barrels. Analysts polled by Platts expected a one-million-barrel increase. Motor gasoline supplies added 2.9 million barrels, while distillate stocks climbed 100,000 barrels, the EIA report said.
Analysts had forecast a decline of one million barrels for gasoline inventories and a fall of two million barrels in distillate supplies.
Following the latest data, traded at $85.80 U.S. a barrel, down $2.91, or 3.3%. It was trading around $86.08 U.S. shortly before the data release.
The American Petroleum Institute reported late Tuesday that crude supplies were nearly unchanged last week.
