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Oct. 6, 2021, 10:39 a.m. EDT

EIA reports a weekly climb of more than 2 million barrels 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 2.3 million barrels for the week ended Oct. 1. That was above the average 200,000 barrel increase expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 951,000-barrel climb, according to sources. The EIA also reported a weekly inventory increase of 3.3 million barrels for gasoline, while distillate stockpiles edged down by 400,000 barrels. The S&P Global Platts survey had forecast supply declines of 700,000 barrels for gasoline and 1.7 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1.5 million barrels for the week. Oil prices extended their losses following the EIA data. November West Texas Intermediate crude was down $1.38, or 1.8%, at $77.55 a barrel on the New York Mercantile Exchange. Futures were trading at $77.70 before the supply data.

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