NEW YORK (CNNMoney.com) -- Oil prices dipped below $80 a barrel Wednesday after a government report showed a larger-than-expected increase in the nation's fuel supplies.
What prices are doing: Crude oil for February delivery dropped $1.14 to settle at $79.65 a barrel after falling to a low of $78.39 earlier in the session.
What's moving prices: In its weekly report, the U.S. Energy Information Administration said U.S. crude supplies rose by 3.7 million barrels.
Industry analysts were expecting an increase of 1.9 million barrels, according to estimates from energy research firm Platts.
Gasoline supplies rose 3.8 million barrels, versus a forecasted rise of 1.6 million barrels.
Distillates, used to make diesel and heating oil, rose by 1.4 million barrels. Analysts had expected distillate supplies to fall 1.7 million barrels.
The report highlighted concerns about swelling U.S. fuel inventories as the weak economy has kept a lid on energy demand.
What analysts are saying: "The build was certainly disappointing to the market," said Andrew Lebow, an energy trader at MF Global in New York.
"But the market was overcooked early this week," he added. "I think this is more corrective than the beginning of a major bear market."
Oil prices surged to 15-month highs on Monday as a cold snap in the United States and Europe raised bets that demand for heating fuel would rise. But the rally faded Tuesday after weather forecasters said temperatures will rise in the weeks ahead. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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