Oil extends losses on surprise gain in gasoline inventories

Crude-oil futures extended losses Wednesday, falling more than 3% after data showed U.S. gasoline inventories rose last week unexpectedly. Gasoline inventories rose by 3.2 million barrels in the week ended March 13, the Energy Information Administration reported. Analysts surveyed by Platts had expected a decline of 2.1 million barrels. After the data, crude for April delivery lost 3.2% to $47.60 a barrel on the New York Mercantile Exchange. It was down less than 3% before the data. The EIA also reported a 2 million barrels increase in crude inventories and a 100,000 barrels gain in distillate stockpiles, which include heating oil and diesel.