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June 3, 2020, 10:38 a.m. EDT

EIA reports a weekly fall in U.S. crude supplies, but product stocks climb

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories edged down by 2.1 million barrels for the week ended May 29. That compared with a forecast by analysts polled by S&P Global Platts for an average climb of 3.5 million barrels. The American Petroleum Institute on Tuesday reported a fall of 483,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by about 1.8 million barrels for the week. Gasoline supply rose by 2.8 million barrels, while distillate stockpiles added 9.9 million barrels. The S&P Global Platts survey had shown expectations for a supply decline of 300,000 barrels for gasoline, while distillate stocks were forecast at 2.8 million barrels higher. July West Texas Intermediate crude fell 58 cents, or 1.6%, at $36.23 a barrel on the New York Mercantile Exchange. It was trading at $36.77 before the supply data.

Read the full story:
Oil prices mostly lower as traders await next move for OPEC+, digest latest U.S. supply data

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