SAN FRANCISCO, MarketWatch (23/10)
-- Oil futures lost more ground on Wednesday following weekly data from
the U.S. Energy Information Administration showing a climb in crude
supplies that was more than expected. The EIA reported that crude
stockpiles rose 5.2 million barrels for the week ended Oct. 18.Analysts polled by Platts were looking
for a rise of 3 million barrels. Gasoline supplies fell by 1.8 million
barrels, while distillate stockpiles rose by 1.5 million barrels, the
EIA said.Gasoline stockpiles were expected to
fall by 400,000 barrels, while forecasts called for a decline of 1.6
million barrels for distillates. Following the latest data, December
crude traded at $96.31 a barrel, down $1.99, or 2%, on the New York
Mercantile Exchange. It was trading around $96.54 shortly before the
report.