Oil Falls to Near $83 a Barrel Following Supply Report

Oil fell more than $1 Wednesday to near $83 a barrel following a Department of Energy report that showed supplies rose last week, Bloomberg reported.

Crude futures slipped to $83.15 a barrel on the New York Mercantile Exchange, down from Tuesday’s $84.45 closing price.

DOE said Wednesday that crude inventories improved 1.9 million barrels last week.

Gasoline stockpiles rose 800,000 barrels for the week ended Saturday, slightly below economists’ forecasts, Bloomberg reported.

Distillates, which include diesel, gained 72,000 barrels, well below the 400,000-barrel increase forecast, Bloomberg said.