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June 6, 2018, 10:35 a.m. EDT

U.S. oil prices fall further after EIA reports a surprise weekly rise in domestic crude supplies

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By Myra P. Saefong

The U.S. Energy Information Administration reported Wednesday that crude supplies climbed by 2.1 million barrels for the week ended June 1. Analysts surveyed by S&P Global Platts had forecast a decline of 1.3 million barrels, while the American Petroleum Institute on Tuesday reported a fall of 2 million barrels, according to sources. Gasoline stockpiles jumped by 4.6 million barrels for the week, while distillate stockpiles rose 2.2 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply decline of 600,000 barrels for gasoline, along with a climb of 700,000 barrels for distillates. July crude was down 73 cents, or 1.1%, to $64.79 a barrel on the New York Mercantile Exchange, down from $65.43 before the supply data.

Read the full story:
Oil heads toward a 2-month low as crude supplies rise unexpectedly

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