Losses for oil prices intensified Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose 6.8 million barrels for the week ended Jan. 26. That was the first weekly rise reported by the government agency in 11 weeks. Analysts surveyed by S&P Global Platts had forecast a climb of 325,000 barrels, while Price Futures Group expected a rise of 2 million barrels. The American Petroleum Institute on Tuesday reported an increase of 3.2 million barrels. Gasoline stockpiles, however, fell by 2 million barrels for the week, while distillate stockpiles declined by 1.9 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 1.1 million barrels for gasoline and a fall of 1.5 million barrels for distillates. March crude fell 56 cents, or 0.9%, to $63.94 a barrel on the New York Mercantile Exchange, down from $64.26 before the supply data.
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