MW: Price of crude-oil falls on unexpected supply rise
By Kate Gibson
NEW YORK (MarketWatch) -- Crude-oil futures declined Wednesday after a report late in the prior session illustrated an unexpected and sharp rise in U.S. crude inventories last month. Benchmark crude for September delivery fell 76 cents at $75.01 a barrel in electronic trade on the New York Mercantile Exchange. The American Petroleum Institute said late Tuesday that crude inventories climbed nearly 5.9 million barrels last week, counter to expectations for a drop in supply. At 10:30 a.m. Eastern, the Energy Department's Information Administration releases its weekly supply data.
