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Nov. 3, 2021, 10:37 a.m. EDT

EIA reports a bigger-than-expected weekly climb in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 3.3 million barrels for the week ended Oct. 29. On average, analysts polled by S&P Global Platts expected a 300,000-barrel climb. The American Petroleum Institute on Tuesday reported a 3.6 million-barrel increase, according to sources. The EIA also reported a weekly inventory decline of 1.5 million barrels for gasoline, but distillate stockpiles edged up by 2.2 million barrels. The S&P Global Platts survey expected supplies to decrease by 900,000 barrels for gasoline and 1.5 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub down by 900,000 barrels for the week. Oil prices extended their decline after the EIA data. December West Texas Intermediate crude contract fell $2.42, or 2.9%, at $81.49 a barrel on the New York Mercantile Exchange. It traded at $81.82 before the supply data.

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