Oil prices settle lower with U.S. crude supply up by 12 million barrels

Oil futures settled lower Wednesday, with U.S. prices posting their first loss in eight sessions, after official data revealed a 12 million-barrel weekly rise in domestic commercial crude inventories and declines in gasoline and distillate stockpiles.

Price moves

Supply data

There’s “no doubt” that seasonal refinery maintenance and the fact that the refinery in Whiting, Ind., is down caused part of the “impressive increase in weekly crude supplies,” said Phil Flynn, senior market analyst at the Price Futures…