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Nov. 10, 2021, 10:40 a.m. EST

Oil futures pare losses as EIA reports a weekly rise in U.S. crude supplies, but product stocks decline

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By Myra P. Saefong

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 1 million barrels for the week ended Nov. 5. That matched the average increase expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 2.5 million-barrel decline, according to sources. The EIA also reported weekly inventory declines of 1.6 million barrels for gasoline and 2.6 million barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 1.6 million barrels for gasoline, but distillate stockpiles were expected to show no change for the week. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub unchanged for the week. Oil prices pared some of its earlier losses after the EIA data. December West Texas Intermediate crude contract was down 43 cents, or 0.5%, at $83.72 a barrel on the New York Mercantile Exchange. It traded at $83.70 before the supply data.

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