U. S. Oil prices turn lower as eia reports an unexpected rise in crude supplies


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The Energy Information Administration reported a rise in U.S. commercial crude inventories of 1.3 million barrels for the week that ended May 16. The data were expected to show a decline of


1.6 million barrels on average, according to analysts surveyed by Platts, part of S&P Global Commodity Insights. The EIA reported weekly supply gains of 800,000 barrels for gasoline and


600,000 barrels for distillates. The Platts survey forecast supply decreases of 1.1 million barrels for gasoline and 800,000 barrels for distillates. Demand for gasoline edged lower, with


total finished motor gasoline supplied, a proxy for demand, at 8.644 million barrels per day in the latest week, versus 8.794 million bpd from a week earlier.