MW: Oil falls further on surprise inventory increase
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Oil prices waded deeper into negative territory Wednesday after a government report showed a surprise increase in inventories. July oil lost 62 cents, or 0.8%, to $76.34 a barrel, while most-active August contract retreated 46 cents, or 0.7%, to $77.40 a barrel. The Energy Information Administration reported an increase of 1.7 million barrels from the week ended June 11. Analysts surveyed by Platts expected a decrease of around 1.75 million barrels. Total motor gasoline inventories decreased by 600,000 barrels, the EIA said. The analysts surveyed had expected an increase of 640,000 barrels. Stocks of distillates, which include heating oil and diesel, increased by 1.8 million barrels, the agency said. Distillates stocks were seen rising 760,000 barrels by Platts.
