MW: Oil adds to losses as EIA posts crude supply rise
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Crude futures added to losses Thursday after the U.S. Energy Information Administration reported a 2.2 million barrel rise in U.S. crude supplies for the week ended May 25. Motor gasoline supplies, however, fell by 800,000 barrels, while distillate stocks dropped 1.7 million barrels in the latest week, the EIA report said. Analysts polled by Platts expected a climb of 100,000 barrels in crude supplies. They also forecasted unchanged inventories of gasoline and a rise of 150,000 barrels in distillate stocks. The American Petroleum Institute late Wednesday reported a 353,000-barrel fall in crude supplies. Following the latest data, July crude CLN2 -2.20% fell $1.44, or 1.6%, to $86.38 a barrel. It was trading around $86.50 shortly before the data release.
