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MarketWatch MarketPulseJan 29, 2020
Oil prices fall as EIA reports a larger weekly climb in U.S. crude-oil supplies
Oil prices extended earlier losses on Wednesday after weekly data from the Energy Information Administration revealed that U.S. crude supplies rose by 3.5 million barrels for the week ended Jan. 24. Analysts polled by S&P Global Platts forecast a rise of 1.4 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 4.3 million barrels, according to sources. The EIA data also showed a supply climb of 1.2 million barrels for gasoline, while distillate stocks fell by 1.3 million barrels. The S&P Global Platts survey had shown expectations for an increase in gasoline supplies of 1.7 million barrels for gasoline, but distillates were forecast to fall by 1.6 million barrels. March West Texas Intermediate crude was down 42 cents, or 0.8%, at $53.06 a barrel on the New York Mercantile Exchange. It was trading at $53.13 before the supply data.

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