BLBG: Crude Oil Extends Losses After U.S. Inventories Unexpectedly Increase
Oil extended losses after a U.S. government report showed supplies unexpectedly rose last week.
Inventories (DOESCRUD) rose 3.9 million barrels to 327.5 million in the week ended Dec. 23, the Energy Department said today. Stockpiles were forecast to decline 2.5 million barrels, according to the median of 10 analyst estimates in a Bloomberg News survey.
The American Petroleum Institute, an industry-funded group, said late yesterday that crude supplies (APISCRUD) climbed 9.57 million barrels last week.
Crude oil for February delivery fell 83 cents, or 0.8 percent, to $98.53 at 11:04 a.m. on the New York Mercantile Exchange. Oil traded at $98.56 a barrel before the release of the report at 11 a.m. in Washington, a day later than usual because of the Christmas holiday.
To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net
To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net
