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TFC Commodity Trading Forum

Oil adds to losses after surprise supply increase *PIC*

Oil adds to losses after surprise supply increase (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to losses Wednesday after a weekly government inventories report showed a surprise increase in supplies in the week ended Jan. 6. Crude for February delivery lost $1.55, or 1.6%, to $100.66 a barrel on the New York Mercantile Exchange. The Energy Information Administration reported an increase of 5 million barrels in stockpiles of crude. Analysts polled by Platts had expected an decrease of 1 million barrels. Gasoline inventories rose 3.6 million barrels, compared to analyst expectations of an increase of 1.8 million barrels. Distillates stocks were up 4 million barrels. The analysts polled by Platts had expected an increase of 1.4 million barrels.