MW: Crude falls as inventories rise more than expected
Crude-oil futures fell Wednesday after government data showed U.S. crude inventories rose last week more than expected. Crude inventories increased 3.7 million barrels to 370.6 million barrels, the highest level in nearly 19 years, the Energy Information Administration reported. Analysts surveyed by Platts had expected a buildup of 3 million barrels. Gasoline inventories rose 800,000 barrels and distillate stockpiles, which include heating oil and diesel, rose 2.7 million barrels. Analysts had expected a decline in both gasoline and distillate inventories. After the data, crude for June delivery fell 9 cents, or 0.2%, to $48.46 a barrel. It was up 0.5% before the data.
