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Re: Oil turns lower after surprise supply increase

Oil turns lower after surprise supply increase (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned lower Wednesday after a larger-than-expected increase in inventories. Crude for March delivery (CLH11) was off 16 cents, or 0.2%, to $86.03 a barrel on the New York Mercantile Exchange. It had ealier traded around $86.45 a barrel. The Energy Information Administration said crude-oil supplies increased 4.8 million barrels. That countered analyst expectations of a rise around 900,00 barrels, according to a Dow Jones Newswires survey on Wednesday. Gasoline supplies increased 2.4 million barrels, against expectations of a 2.1 million-barrel rise. Distillate supplies decreased 100,000; they were expected to fall by 300,000.

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Re: Oil turns lower after surprise supply increase