: Oil remains sharply lower after EIA reports rise in U.S. crude inventories

Oil futures remained sharply lower Wednesday after the Energy Information Administration said U.S. crude inventories rose by 1.6 million barrels last week. Crude had tumbled sharply as a continued rout in bank shares stoked fears of a recession. At 480.1 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year, EIA said. Total motor gasoline inventories decreased by 2.1 million barrels, while distillate stocks declined 2.5 million barrels. Analysts surveyed by The Wall Street Journal, on average, had expected crude inventories to show a fall of 100,000 barrels, while gasoline stocks were seen down 1.2 million barrels and distillates down 600,000 barrels. West Texas Intermediate crude for April delivery CL.1 fell $2.85, or 4%, to $68.48 a barrel on the New York Mercantile Exchange.

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