Oil eases on supply data
(CNNMoney.com) -- Oil prices eased from their highs Wednesday after the government reported a surprise increase in crude inventories last week.
Just before the Energy Information Administration released its report, oil was up $1.11 at $120.28, moments later crude was $117.64.
Crude oil inventories climbed by 1.7 million barrels in the week ended Aug. 1. Crude inventories are in the lower half of the average range for this time of year at 296.9 million barrels.
Analysts had forecast a loss of 1.2 million barrels of crude, according a survey from Platts, an energy research firm.
Just before the Energy Information Administration released its report, oil was up $1.11 at $120.28, moments later crude was $117.64.
Crude oil inventories climbed by 1.7 million barrels in the week ended Aug. 1. Crude inventories are in the lower half of the average range for this time of year at 296.9 million barrels.
Analysts had forecast a loss of 1.2 million barrels of crude, according a survey from Platts, an energy research firm.
