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Feb. 18, 2021, 11:07 a.m. EST

Oil prices pare losses as EIA reports a more than 7 million-barrel weekly fall in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Thursday that U.S. crude inventories declined by 7.3 million barrels for the week ended Feb. 12. The data, which were delayed by a day this week because of the Presidents Day holiday, compared with the average fall of 3.4 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 5.8 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub fell by 3 million barrels for the week. Gasoline supply, meanwhile, rose by 700,000 barrels, while distillate stockpiles were down 3.4 million barrels for the week. The S&P Global Platts survey had forecast a supply increase of 2.2 million barrels for gasoline and a decline of 2.2 million barrels for distillate inventories. March West Texas Intermediate crude pared losses, trading down 5 cents, or nearly 0.1%, at $61.09 a barrel on the New York Mercantile Exchange. Prices were at $60.63 before the supply data.

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