By Kim Khan
Investing.com - U.S. stockpiles of crude oil rose much more than expected last week, the Energy Information Administration reported Wednesday.
Oil inventories rose by 7.7 million barrels for the week ended March 6, the EIA said. That compared with expectations for a build of 2.3 million barrels, according to forecasts compiled by Investing.com.
Gasoline inventories sank by 5 million barrels, versus forecasts for a decline of about 2.5 million barrels. Distillate stockpiles dropped by 6.4 million barrels, compared with expectations for a drawdown of 1.9 million barrels.
WTI futures were down 2.9%. They were down about 2.3% before the report.