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June 19, 2019, 10:36 a.m. EDT

Oil prices turn higher as EIA reports first U.S. crude supply decline in 3 weeks

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By Myra P. Saefong

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 3.1 million barrels for the week ended June 14. That followed two consecutive weeks of gains. Analysts polled by S&P Global Platts expected a decline of 2 million barrels in crude stocks, on average. The American Petroleum Institute on Tuesday reported an 812,000-barrel fall, according to sources. The EIA data also showed that gasoline inventories were down 1.7 million barrels, while distillate stockpiles edged lower by 600,000 barrels last week. The S&P Global Platts survey had shown expectations for supply increases of 1 million barrels each for gasoline and distillates. July West Texas Intermediate crude was up 36 cents, or 0.7%, to $54.26 a barrel on the New York Mercantile Exchange. It was trading at $53.48 before the supply data.

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Oil prices turn higher after EIA data show first U.S. crude-supply decline in 3 weeks

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