NEW YORK (CNNMoney.com) -- Oil prices turned lower Wednesday after a government report said crude inventories shot up much more than expected in the past week.
U.S. light sweet crude for September delivery fell $1.60 to $112.93 a barrel. Just before the Energy Information Administration released its report, oil was up $2.28 at $116.81.
Crude oil inventories climbed by 9.4 million barrels in the week ended Aug. 15. Analysts forecast a much more modest build of 1.7 million barrels according to a survey from Platts, an energy research firm.
The build in crude stockpiles was "way more than what the market was looking for and as a result we have come off our highs," said Andrew Lebow, an energy analyst at MF Global in New York.
Click on the read more icon for the full CNN Money story.
read more | digg story