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Crude Oil Inventories increased by 2.8 million barrels

Wednesday, Jan 25 2017
Crude Oil Inventories increased by 2.8 million barrels

Oil futures extended losses on Wednesday after the U.S. Energy Information Administration reported an increase of 2.8 million barrels in domestic crude-oil supplies for the week ended Jan. 20. The American Petroleum Institute late Tuesday reported a rise of 2.9 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 1.9 million barrels.

asoline supplies jumped by 6.8 million barrels, while distillate stockpiles were "virtually unchanged" last week, according to the EIA. March crude CLH7, -0.68% fell 41 cents, or 0.8%, at $52.77 a barrel on the New York Mercantile Exchange.

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