EIA reports a weekly rise of 500,000 barrels in U.S. crude supplies

The Energy Information Administration on Wednesday reported that U.S. crude inventories rose by 500,000 barrels for the week ended Jan. 20. On average, analysts forecasted a decline of 2.4 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA report also showed a weekly inventory increase of 1.8 million barrels for gasoline, while distillate stockpiles fell by 500,000 barrels. The analyst survey had called for supply declines of 100,000 barrels for gasoline and 1.6 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 4.3 million barrels for…