Oil Slips Following DOE Inventory Report

Oil fell Wednesday following a Department of Energy report that showed supplies rose last week, Bloomberg News reported.

Crude futures slipped 16 cents from Tuesday’s closing price to $94.04 a barrel on the New York Mercantile Exchange, which had earlier slipped below $94, Bloomberg said.

DOE’s weekly report said that inventories rose by 250,000 barrels last week. Analysts had forecast supplies would rise by 1.5 million barrels, Bloomberg reported.

Gasoline inventories rose by 1.7 million barrels, while distillates, which include diesel, declined by 170,000 barrels, DOE said.