The Energy Information Administration on Wednesday reported that U.S. crude supplies fell for a fifth consecutive week, but by less than the market expected. Crude stockpiles were down 3.1 million barrels for the week ended July 12. They were forecast to fall by 4.2 million barrels, according to analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a decline of 1.4 million barrels, according to sources. The EIA data showed that gasoline inventories climbed by 3.6 million barrels, while distillate stockpiles increased by 5.7 million barrels last week. The S&P Global Platts survey revealed expectations for a supply decline of 1.5 million barrels for gasoline and an increase of 300,000 barrels for distillates. August West Texas Intermediate crude was up 24 cents, or 0.4%, to $57.86 a barrel on the New York Mercantile Exchange. Prices were trading at $57.83 before the supply data.
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U.S. crude supplies fall a fifth straight week, but by less than the market expected