Oil turns lower after EIA inventory report (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned red Thursday after an inventory report showed a higher-than-expected increase in oil supplies. Crude for July delivery (cln11) declined 72 cents, or 0.8%, to $99.52 a barrel on the New York Mercantile Exchange. The Energy Information Administration reported an increase of 2.9 million barrels of oil in the week ended May 27. Analysts polled by Platts had expected a decrease around 1.9 million barrels. The EIA also reported an increase of 2.6 million barrels for gasoline inventories, and a decrease of 1 million for stockpiles of distillates. The analysts surveyed by Platts had expected gasoline inventories to rise 1.2 million barrels and distillates to decline 550,000 barrels.