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Oct. 15, 2020, 11:09 a.m. EDT

EIA reports weekly decline of nearly 4 million barrels in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Thursday that U.S. crude inventories fell by 3.8 million barrels for the week ended Oct. 9. The data, which was delayed by a day because of Monday's U.S. federal holiday, followed a 500,000-barrel increase in the previous week. On average, analysts polled by S&P Global Platts forecast a weekly decline of 2.3 million barrels, while the American Petroleum Institute on Wednesday reported a decline of 5.4 million barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 2.9 million barrels for the week. Gasoline supply, meanwhile, declined by 1.6 million barrels, while distillate stockpiles fell by 7.2 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 1.8 million barrels for gasoline and 2.5 million barrels for distillates. November West Texas Intermediate crude was down $1.11, or 2.7%, at $39.92 a barrel on the New York Mercantile Exchange. Prices traded at $39.75 before the supply data.

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