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Nov. 18, 2020, 10:50 a.m. EST

EIA reports an 800,000-barrel weekly climb in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 800,000 barrels for the week ended Nov. 13. That was bigger than the 100,000-barrel climb forecast by analysts polled by S&P Global Platts, but the American Petroleum Institute reported on Tuesday a much larger 4.2 million-barrel increase, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1.2 million barrels for the week. Gasoline supply, meanwhile, rose by 2.6 million barrels, while distillate stockpiles declined by 5.2 million barrels. The S&P Global Platts survey had shown expectations for a supply climb of 300,000 barrels for gasoline and decline of 1.8 million barrels for distillates. December West Texas Intermediate crude was up 37 cents, or 0.9%, at $41.80 a barrel on the New York Mercantile Exchange. Prices traded at $41.90 before the supply data.

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