Oil takes a hit as U.S. supplies rise a third week and global stock markets drop 12 October 2018

The Energy Information Administration reported Thursday that domestic crude supplies climbed by 6 million barrels for the week ended Oct. 5.

 

The data were released a day later than usual because of Monday’s Columbus Day holiday. Analysts surveyed by S&P Global Platts had forecast an increase of 1.61 million barrels, while the American Petroleum Institute on Wednesday reported a climb of 9.7 million barrels.

 

Gasoline stockpiles also rose by 1 million barrels last week, while distillate stockpiles declined by 2.7 million barrels, according to the EIA.

 

The S&P Global Platts survey had shown expectations for a supply rise of 422,000 barrels in gasoline and 1.71 million-barrel decline in distillates.

 

November crude CLX8, +0.30% fell $1.30, or 1.8%, to $71.87 a barrel on the New York Mercantile Exchange. That’s up from $71.63 before the supply data.

 

Source: MarketWatch

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