NEW YORK, March 6 (Xinhua) -- Crude prices retreated Wednesday as the U.S. Energy Information Administration released a weekly report, showing that the crude inventory increased 3.8 million barrels for the week ended March 1st.
Energy Information Administration reported that, oil in storage rose 3.8 million barrels to 381.4 million for the week ended March 1, outperforming the expectation of a 1.1-million- barrel increase.
Report also showed a decrease of 0.6 million barrels for gasoline, which is the fourth draw in a row, and a 3.8 million barrel draw for distillates.
In Wednesday's trading, crude oil prices shed, offsetting the earlier climb on uncertainty after the death of Hugo Chavez, president of major Latin American crude producer Venezuela.
As member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela has the world's largest proven oil reserves. The government says Venezuela produces three million barrels of oil per day.
So far analysts do not expect to see any big changes in Venezuela's oil output, but uncertainties from its presidential election may give oil prices pressure.
On the economic front, the monthly ADP National Employment report showed that U.S. companies employed 198,000 workers more in February, which is a positive sign to the U.S. labor market.
Light, sweet crude for April delivery dropped 39 cents, or 0. 43 percent, to settle at 90.43 dollars a barrel on the New York Mercantile Exchange.
Brent crude for April delivery fell 0.5 percent to close at around 111 dollars a barrel.
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