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Nov. 17, 2021, 11:05 a.m. EST · CORRECTED

Oil futures extend losses as EIA reports a weekly decline in U.S. crude supplies

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By Myra P. Saefong

This update corrects the characterization of the crude supply decline's comparison to forecasts. The supply decline was smaller than analysts' expectations.

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 2.1 million barrels for the week ended Nov. 12. That was smaller than the average 2.5 million-barrel decrease expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 655,000-barrel rise, according to sources. The EIA also reported weekly inventory declines of 700,000 barrels for gasoline and 800,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 100,000 barrels for gasoline and 1.3 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 200,000 barrels for the week. December West Texas Intermediate crude was down $1.47, or 1.8%, at $79.29 a barrel on the New York Mercantile Exchange. It traded at $79.84 before the supply data.

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