The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 7.2 million barrels for the week ended June 26. That followed three consecutive weeks of increases and compared with a forecast by analysts polled by S&P Global Platts for an average decline of 2.7 million barrels. The American Petroleum Institute on Tuesday reported a decrease of 8.2 million barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by about 200,000 barrels for the week. Gasoline supply rose by 1.2 million barrels, while distillate stockpiles fell by 600,000 barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2.7 million barrels for gasoline and an increase of 900,000 barrels for distillate inventories. August West Texas Intermediate crude rose 28 cents, or 0.7%, at $39.55 a barrel on the New York Mercantile Exchange. Prices traded at $39.71 before the supply data.
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Oil futures gain as U.S. supply marks biggest weekly decline of the year