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Oil prices hold on to losses after EIA reports a nearly 4 million-barrel weekly rise U.S. crude supplies
Oil prices continued to trade lower Wednesday after the Energy Information Administration reported that domestic crude supplies rose by 3.8 million barrels for the week ended July 27. Analysts surveyed by S&P Global Platts had forecast a fall of 2.4 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 5.6 million barrels, according to sources. Gasoline stockpiles declined by 2.5 million barrels for the week, while distillate stockpiles rose 3 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply decrease of 1.5 million barrels for gasoline, along ... (full story)