Oil prices moved lower Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 3 million barrels for the week ended Feb. 23. Analysts surveyed by S&P Global Platts had forecast a climb of 2.1 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 933,000 barrels, according to sources. Gasoline stockpiles also rose by 2.5 million barrels for the week, while distillate stockpiles fell by 1 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 200,000 barrels each for gasoline and distillates. April crude was down 41 cents, or 0.7%, to $62.60 a barrel on the New York Mercantile Exchange, down from $63.13 before the supply data.
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