MW: Oil extends losses after unexpected supply rise
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures declined further on Wednesday after a weekly report showed a surprise increase in inventories. Crude for July delivery CLN2 -2.01% was off $1.07, or 1.3%, to $82.91 a barrel on the New York Mercantile Exchange. Prices had traded at $83.02 a barrel before the Energy Information Administration data. The EIA report showed crude supplies up 2.9 million barrels in the week ended June 15. That contrasts with expectations of a decline by 600,000 barrels, according to analysts polled by Platts. The EIA also said gasoline inventories were up 900,000 barrels, and supplies of distillates rose 1.2 million barrels. The analysts surveyed by Platts had expected gasoline and distillates stockpiles to both rise 600,000 barrels.
