Oil futures dropped on Wednesday following weekly data from the U.S. Energy Information Administration showing a jump in crude supplies that was about three times more than expected.
The EIA reported that crude stockpiles for the week ended Oct. 4 rose 6.8 million barrels. Analysts surveyed by Platts were looking for a hike of 2.2 million barrels.
Gasoline supplies rose 100,000 barrels, while distillate stockpiles fell 3.1 million barrels, the EIA said. Gasoline stockpiles were expected to rise 1.3 million barrels, while forecasts called for a decline of 1.9 million barrels for distillates.
Following the latest data, November crude traded at $101.60 U.S. a barrel, down $1.89, or 1.8%, on the New York Mercantile Exchange. It was trading around $102 U.S. shortly before the report.
