MW: Oil futures accelerate losses after supplies data
By Polya Lesova
NEW YORK (MarketWatch) -- Oil futures accelerated their losses on Wednesday after the Energy Information Administration reported that crude supplies rose by 5.1 million barrels last week, much more than the 1.1 million barrels expected by analysts surveyed by Platts. The EIA also reported that total motor gasoline inventories decreased by 2.3 million barrels last week and distillate supplies rose by 2.1 million barrels. Analysts polled by Platts had projected a decrease in gasoline stocks of 1.1 million barrels and a rise in distillate supplies of 1 million barrels. After the data, crude for September delivery fell $2.75, or 4%, to $64.50 a barrel on Globex. The contract traded near $65.11 a barrel before the data.
