EIA reports a 7th straight weekly rise in U.S. crude supplies
U.S. oil prices turned lower Wednesday after the Energy Information Administration reported that domestic crude supplies rose by 5.8 million barrels for the week ended Nov. 2. That marked a seventh consecutive week of gains. Analysts surveyed by S&P Global Platts had forecast a rise of 1.9 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 7.8 million barrels, according to sources. Gasoline stockpiles climbed by 1.9 million barrels last week, while distillate stockpiles fell by 3.5 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 2.1 million barrels in gasoline and 2.03 million barrels for distillates. December crude was down 27 cents, or 0.4%, at $61.94 a barrel on the New York Mercantile Exchange. It was trading at $62.35 before the supply data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.