COMMODITIES UPDATE: Oil Down 1.6% On EIA Report On Rise In Storage Stockpiles

By Staff,

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Crude oil futures contracts for November delivery (CLX13.NYM) dropped after the U.S. Energy Information Administration ( EIA ) reported a big jump in crude supplies last week.

The EIA said that stockpiles for the week ended Oct. 4 rose 6.8 million barrels, or roughly three times the increase industry experts were expecting.

Gasoline supplies rose 100,000 barrels, while distillate stockpiles fell 3.1 million barrels, the EIA said.

Gasoline stockpiles were expected to rise 1.3 million barrels, while forecasts called for a decline of 1.9 million barrels for distillates.

The exchange traded fund United States Oil ( USO ) lost 70 cents, or 2%, to $36.61 per share.

Exxon Mobil ( XOM ) fell 45 cents or 0.5% to $85.06.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: EIA , USO , XOM

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