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Dec. 2, 2020, 10:37 a.m. EST

EIA reports a smaller-than-expected decline in weekly U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 700,000 barrels for the week ended Nov. 27. That compared with the decline of 1.7 million barrels forecast by IHS Markit. The American Petroleum Institute on Tuesday, however, reported a 4.15 million-barrel climb, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 300,000 barrels for the week. Gasoline supply, meanwhile, climbed by 3.5 million barrels, while distillate stockpiles were up by 3.2 million barrels. IHS Markit had forecast supply climbs of 2 million barrels for gasoline and 100,000 barrels for distillates. January West Texas Intermediate crude was up 40 cents, or 0.9%, at $44.95 a barrel on the New York Mercantile Exchange. Prices traded at $44.84 before the supply data.

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