Oil futures extend losses; EIA reports a rise in U.S. crude supplies, fall in gasoline inventories

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 1.3 million barrels for the week ended May 14. On average, analysts polled by S&P Global Platts forecast a decline of 2.9 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 620,000-barrel increase, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 100,000 barrels for the week. The EIA reported that gasoline supply fell by 2 million barrels, while distillate stockpiles declined by 2.3 million barrels for the week. The S&P Global Platts survey had expected a weekly supply climb of 600,000 barrels for gasoline and 200,000-barrel decline for distillates. Oil prices continued to trade lower after the data, with June West Texas Intermediate crude down $2.67, or 4.1%, at $62.82 a barrel on the New York Mercantile Exchange. Prices were trading at $62.87 before the supply data.

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