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Oil Declines as U.S. Crude Inventories Unexpectedly Increase

  • U.S. crude stockpiles rose 2.26 million barrels last week: EIA
  • The industry-funded API said supply fell 4.15 million barrels
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IHS's Shum: Oil Likely to Be Supported in $50-$60 Range

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Oil declined after a government report showed U.S. crude stockpiles increased for the first time in five weeks.

Crude stockpiles rose 2.26 million barrels last week, according to the Energy Information Administration. A 2.5 million decrease was forecast by analysts surveyed by Bloomberg. More than half of the gain was on the West Coast, where the distribution system is isolated from the rest of the country. The industry-funded American Petroleum Institute reported Tuesday that crude supplies declined 4.15 million.