EIA Data Show Hefty Increase In U.S. Crude Supplies

The U.S. Energy Information Administration on Wednesday reported that domestic crude-oil supplies rose by 5 million barrels for the week ended March 17. That marked the tenth increase in 11 weeks. The American Petroleum Institute late Tuesday reported a 4.5 million-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a rise of 2 million barrels. Gasoline supplies fell by 2.8 million barrels, while distillate stockpiles declined by 1.9 million barrels last week, according to the EIA. May crude lost 95 cents, or 2%, to $47.29 a barrel on the New York Mercantile Exchange. It was trading at $47.69 before the supply data.