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Dec. 8, 2021, 10:45 a.m. EST

EIA reports a modest weekly decline in U.S. crude supplies, as product stocks rise more than expected

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By Myra P. Saefong

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 200,000 barrels for the week ended Dec. 3. On average, analysts had forecast a 1.2 million-barrel decline, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 3.1 million-barrel decrease, according to sources. The EIA also reported weekly inventory increases of 3.9 million barrels for gasoline and 2.7 million barrels for distillates. The S&P Global Platts expected supply climbs of 1.4 million barrels for gasoline and 900,000 barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 2.4 million barrels for the week. January West Texas Intermediate crude was down 20 cents, or 0.3%, at $71.86 a barrel on the New York Mercantile Exchange. It traded at $72.02 before the supply data.

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