Oil Slips Following Inventory Report

Oil prices declined early Wednesday following a report that showed supplies improved last week, Bloomberg reported.

Crude futures fell about $1 from Tuesday’s 17-month high New York Mercantile Exchange closing price of $86.84, Bloomberg said.

The Department of Energy said Wednesday that oil supplies rose by 2 million barrels last week, more than the 1.4 million that was forecast, Bloomberg reported.

Distillate supplies, which include diesel and heating oil, gained 1.1 million barrels, while gasoline stockpiles fell by 2.5 million barrels, DOE said in its weekly report.