Oil Price Falls as Gas Stockpiles Rise Even as Crude Supplies Drop

Oil futures fell further on Wednesday after the U.S. Energy Information Administration reported an unexpected fall in last week’s crude supplies along with a surprise increase in gasoline supplies. Crude supplies fell 600,000 barrels for the week ended May 10. Analysts polled by Platts expected a 300,000-barrel climb. Gasoline supplies climbed by 2.6 million barrels, while distillate stockpiles added 2.3 million barrels. Gasoline stockpiles were expected to fall by 800,000 barrels, while forecasts called for a climb of that same amount for distillates. Following the latest data, June crude traded at $92.31 a barrel, $1.90, or 2%. It was trading around $92.63 shortly before the report. The American Petroleum Institute reported late Tuesday a 1.1 million-barrel rise in crude supplies.

via Marketwatch

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