Oil adds to losses after sharp supply increase (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to losses after a government report showed an inventories increase more than double the size of analyst expectations. Crude for May delivery (clk2) declined $2.37, or 2.2%, to trade at $104.93 a barrel on the New York Mercantile Exchange. It had traded above $105 ahead of the data. The Energy Information Administration reported a rise of 7.1 million barrels of crude in the week ended March 23. That contrasted with expectations of an increase around 2.75 million barrels, according to analysts polled by Platts. The EIA also said gasoline supplies declined 3.5 million barrels, while stockpiles of distillates were down 700,000 barrels. The Platts analysts expected gasoline supplies to decline 1.5 million barrels, and distillates inventories to be down 1 million barrel.