Oil settles at 2-month low as crude supplies rise unexpectedly

Oil prices fell Wednesday, with U.S. benchmark crude logging its lowest finish in about two months after a report revealed a surprise weekly climb in domestic crude inventories.

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.

The EIA also reported that total domestic crude production rose by 31,000 barrels a day to fresh weekly record of 10.8 million barrels a day.

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.
source: https://www.marketwatch.com/story/oil-prices-move-higher-as-venezuela-supply-crisis-intensifies-2018-06-06

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