MW: Oil adds to losses after surprise supply increase
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended losses Wednesday after a weekly government report on supplies showed a suprise increase. Crude for September delivery CL1U -1.63% declined $2.10, or 2.1%, to trade at $97.55 a barrel on the New York Mercantile Exchange. The Energy Information Administration said oil inventories rose 2.3 million barrels on the week ended July 22. Analysts had expected a decline around 1 to 2 million barrels. Gasoline inventories rose 1 million barrels, the EIA said. Supplies of distillates, which include heating oil and diesel, increased by 3.4 million barrels, the agency added.
