Oil futures lost more ground Wednesday after the U.S. Energy Information Administration reported a climb in crude supplies that was a bit more than the market expected.
Crude supplies rose 2.7 million barrels for the week ended March 29.
Analysts polled by Platts expected a 2.5 million-barrel climb. Motor gasoline supplies fell by 600,000 barrels, while distillate stockpiles declined by 2.3 million barrels.
Forecasts called for a decline or 1.25 million barrels for gasoline stockpiles and a fall of one million barrels in distillate supplies. Following the latest data, May crude traded at $96.25 U.S. a barrel, down 95 cents, or 1%.
It was trading around $96.50 U.S. shortly before the report. The American Petroleum Institute reported late Tuesday a 4.7-million-barrel jump in crude supplies
