Oil prices hold on to losses after EIA reports a nearly 4 million-barrel weekly rise U.S. crude supplies 2018-08-01

Oil prices continued to trade lower Wednesday after the Energy Information Administration reported that domestic crude supplies rose by 3.8 million barrels for the week ended July 27.

 

Analysts surveyed by S&P Global Platts had forecast a fall of 2.4 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 5.6 million barrels, according to sources. Gasoline stockpiles declined by 2.5 million barrels for the week, while distillate stockpiles rose 3 million barrels, according to the EIA.

 

The S&P Global Platts survey forecast a supply decrease of 1.5 million barrels for gasoline, along with a climb of 560,000 barrels for distillate stocks. September crude CLU8, +2.20% fell by 99 cents, or 1.4%, to $67.75 a barrel on the New York Mercantile Exchange, little changed from $67.80 before the supply data.

 

 

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