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Dec. 4, 2019, 10:38 a.m. EST

EIA reports a 4.9 million-barrel weekly fall in U.S. crude-oil supplies

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By Myra P. Saefong

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 4.9 million barrels for the week ended Nov. 29. That followed increases in each of the past five weeks. Analysts polled by S&P Global Platts forecast a fall of 700,000 barrels. The American Petroleum Institute on Tuesday reported a 3.7 million-barrel decline, according to sources. The EIA data showed supply increases of 3.4 million barrels for gasoline and 3.1 million barrels for distillates. The S&P Global Platts survey showed expectations for a supply climb of 2.7 million barrels for gasoline, while distillates were forecast to increase by 460,000 barrels. January West Texas Intermediate crude was up $2.13, or 3.8%, at $58.23 a barrel on the New York Mercantile Exchange, up from $58.19 before the supply data.

Read the full story:
Oil rises as the U.S. government reports the first weekly domestic crude supply decline in six weeks

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