NEW YORK (MarketWatch) -- Oil futures fell sharply Wednesday after the U.S. Energy Information Administration reported that U.S. crude supplies rose by 500,000 barrels during the week ended Dec. 12. Oil had traded little changed ahead of the data. The EIA also reported a rise of 1.3 million barrels in gasoline stocks last week as well as a rise of 2.9 million barrels in distillate stocks. Analysts expected a 900,000-barrel decline in U.S. commercial crude stocks as well as a rise of 1.5 million barrels in gasoline stockpiles, according to a Platts survey. Distillate stocks were expected by analysts to increase 1.8 million barrels. Traders are also awaiting an official announcement on a production cut from the Organization of Petroleum Exporting Countries due later today.
