MW: Oil falls deeper on distillates, gasoline glut
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures dipped further on Wednesday after government data showed a decline in oil supplies but increases for gasoline and distillate inventories. Oil for September delivery lost $1.79, or 2.2%, to $78.44 a barrel, compared to $79.02 a barrel immediately after the data. The Energy Information Administration reported a decline of 3 million barrels in the supplies of oil for the week ended Aug. 6, compared to analyst expectations of a decline of 2.4 million barrels, according to Platts. Gasoline inventories increased 400,000 barrels, and stockpiles of distillates rose 3.5 million barrels. Analysts polled by Platts had expected a drop of 1.5 million for gasoline stocks, and an increase of 1.1 million barrels for distillates.
