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Jan. 27, 2021, 10:43 a.m. EST

Oil futures turn higher after EIA reports a nearly 10 million-barrel weekly drop 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 9.9 million barrels for the week ended Jan. 22. The data compared with the average decline of 1.7 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 5.3 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub fell by 2.3 million barrels for the week. Gasoline supply, meanwhile, climbed by 2.5 million barrels, while distillate stockpiles were down by 800,000 barrels. The S&P Global Platts survey had forecast a supply increase of 1.2 million barrels for gasoline and a decline of 800,000 barrels for distillate inventories. March West Texas Intermediate crude moved up after the data, trading 26 cents, or 0.5%, higher at $52.87 a barrel on the New York Mercantile Exchange. Prices were at $52.50 before the supply data.

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