NEW YORK - Oil prices are falling after the government reported a surprise jump in U.S. crude supplies.
The Energy Information Administration said Wednesday that crude inventories rose by 4.3 million barrels to 294.5 million barrels for the week ending Sept. 26. Analysts had expected crude stocks to rise or fall by 1.5 million barrels, according to a survey by energy research firm Platts.
Investors viewed the large increase in supplies as more evidence that an economic slowdown is curbing domestic demand for energy.
Light, sweet crude for November delivery was down $3.55 at $97.09 on the New York Mercantile Exchange.