The U.S. Energy Information Administration on Wednesday reported a fifth straight weekly increase in crude-oil supplies that was much more than the market expected. Inventories climbed by 13.8 million barrels in domestic crude-oil supplies for the week ended Feb. 3. The American Petroleum Institute late Tuesday reported 14.2 million-barrel jump, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.5 million barrels. Gasoline supplies fell by 900,000 barrels, while distillate stockpiles were unchanged last week, according to the EIA. March crude fell 52 cents, or 1.1%, at $51.61 a barrel on the New York Mercantile Exchange. It was trading at $51.80 before the supply data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News