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Feb. 10, 2021, 10:36 a.m. EST

Oil prices turn higher as EIA reports a nearly 7 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 6.6 million barrels for the week ended Feb. 5. The data compared with the average decline of 2.7 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 3.5 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 700,000 barrels for the week. Gasoline supply, meanwhile, climbed by 4.3 million barrels, while distillate stockpiles were down 1.7 million barrels for the week. The S&P Global Platts survey had forecast a supply increase of 2.7 million barrels for gasoline and a decline of 1.7 million barrels for distillate inventories. March West Texas Intermediate crude moved up, trading 11 cents, or 0.2%, higher at $58.47 a barrel on the New York Mercantile Exchange. Prices were at $58.18 before the supply data.

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