LOS ANGELES, Aug. 6 (UPI) -- Crude prices slipped Wednesday on NYMEX after a new inventory report found a 3 million barrel increase in the nation's crude supply.
September crude futures were off around 50 cents by mid-afternoon, but still trading at around $31.72 per barrel.
The bearishness came after the U.S. Energy Information Administration reported an increase in crude inventories of 2.9 million barrels to more than 278 million total barrels. The American Petroleum Institute pegged crude stocks at 1.6 million barrels higher on the week.
The EIA also noted that crude imports were slightly higher last week at around 10.3 million barrels per day, none of it from Iraq.
Gasoline supplies fell as refiners reduced production ahead of the fall changeover to winter-formula gasoline. Gasoline imports fell by 49,000 bpd to around 931,000 bpd.
Retail gasoline prices reached $1.534 per gallon, according to the American Automobile Association, compared to $1.491 a month ago.
