Oil prices fall as crude supplies drop, but gasoline stockpiles jump

Oil prices fell below $35 a barrel on Wednesday after the U.S. Energy Information Administration reported that crude supplies dropped, but supplies of gasoline jumped last week. Crude inventories dropped by 5.1 million barrels for the week ended Jan. 1. The American Petroleum Institute on Tuesday reported a 5.6 million-barrel decline, according to sources. Analysts polled by Platts expected supplies to be up 2.75 million barrels. Gasoline supplies dropped 10.6 million barrels, while distillate stockpiles fell 6.3 million barrels last week, according to the EIA. February crude traded at $34.74 a barrel on the New York Mercantile Exchange, down $1.23, or 3.4%. Prices traded at $35 before the data.

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