CNBC Oil Settles Near $48 After US Inventories Rise

Oil fell $1 a barrel on Wednesday after fresh industry data showing a build in U.S. crude oil stocks and the World Bank cut its forecast for China's economic growth this year.

In its weekly report, the U.S. Energy Information Administration (EIA) said crude oil stocks rose 2.0 million barrels to 353.3 million last week.

A Reuters poll had forecast a rise of 1 million barrels as refinery demand remained tepid and imports increased.

The EIA also said gasoline supplies rose to 215.7 million barrels, up by 3.2 million barrels, countering forecasts of a 1.2-million barrel drop.

Oil had fallen earlier in the session after data from the American Petroleum Institute on Tuesday showed crude stocks rose much more than expected last week. more...