Oil recedes further after supply report (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to losses Wednesday after a government weekly inventories report showed a higher-than-expected increase in crude supplies for the week ended Oct. 21. Crude for December delivery (cl1z) retreated $1.92, or 2.1%, to $91.26 a barrel on the New York Mercantile Exchange. The Energy Information Administration said supplies rose 4.7 million barrels in the week. That compares with analyst expectations around an increase of 200,000 barrels, according to a Platts survey. The EIA reported gasoline inventories decreased by 1.4 million barrels, and distillate inventories decreased by 4.3 million barrels. The analysts polled by Platts had expected gasoline stockpiles down 1.25 million barrels, and distillates stockpiles down 1.5 million.