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Jan. 6, 2021, 10:36 a.m. EST

Oil futures head higher after EIA reports an 8 million-barrel weekly drop in U.S. crude supplies

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By Myra P. Saefong

Oil futures headed higher on Wednesday after the Energy Information Administration reported that U.S. crude inventories fell by 8 million barrels for the week ended Jan. 1. That compared with the decline of 1.2 million barrels forecast by IHS Markit analysts. The American Petroleum Institute on Tuesday reported a 1.7 million-barrel fall in crude supplies, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 800,000 barrels for the week. Gasoline supply, meanwhile, climbed by 4.5 million barrels, while distillate stockpiles were up by 6.4 million barrels. IHS Markit had forecast supply increases of 1.4 million for gasoline and 2.2 million for distillates. February West Texas Intermediate crude rose, trading up by 38 cents, or 0.8%, at $50.31 a barrel on the New York Mercantile Exchange. Prices traded at $49.89 before the supply data.

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