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Feb. 3, 2021, 10:40 a.m. EST

Oil futures pare gains after EIA reports smaller-than-expected weekly fall 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 1 million barrels for the week ended Jan. 29. The data compared with the average decline of 2.4 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 4.3 million-barrel decline, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.5 million barrels for the week. Gasoline supply, meanwhile, climbed by 4.5 million barrels, while distillate stockpiles were unchanged for the week. The S&P Global Platts survey had forecast a supply increase of 1.5 million barrels for gasoline and a decline of 1.3 million barrels for distillate inventories. March West Texas Intermediate crude pared some of its early gains, trading 97 cents, or 1.8%, higher at $55.73 a barrel on the New York Mercantile Exchange. Prices were at $55.89 before the supply data.

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