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April 7, 2021, 10:39 a.m. EDT

EIA reports a more than 3 million-barrel weekly fall in U.S. crude supplies, but product stocks rise

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 3.5 million barrels for the week ended April 2. IHS Markit had forecast a decline of 700,000 barrels, while the American Petroleum Institute on Tuesday reported a 2.6 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 800,000 barrels for the week. The EIA reported, however, that gasoline supply was up by 4 million barrels, while distillate stockpiles climbed 1.5 million barrels for the week. IHS Markit forecast weekly supply increases of 200,000 barrels for gasoline and 500,000 barrels for distillates. Oil prices pared some of their losses shortly after the supply data. May West Texas Intermediate crude was down 23 cents, or 0.4%, at $59.10 a barrel on the New York Mercantile Exchange. Prices were trading at $58.98 before the supply data.

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