Oil prices fell today after it was announced that the nation’s supplies of crude and gasoline expanded much more than expected last week. In its weekly inventory report, the Energy Information Administration said the nation’s supplies of crude oil rose 6.1 million barrels. According to a survey by energy research firm Platts Analysts, crude stocks were expected to have grown 1.9 million barrels.
Gasoline supplies rose 6.5 million barrels, and supplies of distillates - used to make heating oil and jet fuel - rose 800,000 barrels last week, according to the EIA report. Gasoline stocks were predicted to rise 1.9 million barrels and distillates supplies were expected to be down 2.25 million barrels.