Oil prices slip as weekly U.S. crude supply jumps on Wednesday, March 14

Oil prices moved slightly lower Wednesday after the U.S. Energy Information Administration said crude supplies rose by 5 million barrels for the week ended March 9. Analysts surveyed by S&P Global Platts had forecast a climb of 2.5 million barrels, while the American Petroleum Institute on Tuesday reported a rise of nearly 1.2 million barrels, according to sources.

Gasoline stockpiles, however, dropped 6.3 million barrels for the week, while distillate stockpiles lost 4.4 million barrels, according to the EIA.

The S&P Global Platts survey forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates.

April crude CLJ8, +0.36% fell 10 cents, or 0.2%, to $60.61 a barrel on the New York Mercantile Exchange, down from $60.95 before the supply data.

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