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March 31, 2021, 10:38 a.m. EDT

EIA reports a surprise weekly decline in 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 900,000 barrels for the week ended March 26. IHS Markit had forecast an increase of 600,000 barrels, while the American Petroleum Institute on Tuesday reported a 3.9 million-barrel increase, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub climbed by 800,000 barrels for the week. The EIA also reported that gasoline supply was down by 1.7 million barrels, while distillate stockpiles rose by 2.5 million barrels for the week. IHS Markit forecast weekly supply increases of 400,000 barrels for gasoline and 300,000 barrels for distillates. Oil prices moved up immediately following the supply data, then traded nearly flat. May West Texas Intermediate crude was last down 2 at $60.53 a barrel on the New York Mercantile Exchange. Prices were trading slightly higher at $60.62 before the supply data.

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