EIA reports a more than 7 million-barrel weekly drop in U.S. crude supplies

MW EIA reports a more than 7 million-barrel weekly drop in U.S. crude supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 7.2 million barrels for the week ended Aug. 27. On average, analysts polled by S&P Global Platts forecast a decline of 4.4 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a roughly 4 million-barrel decline, according to sources. The EIA reported a weekly inventory increase of 1.3 million barrels for gasoline, while distillate stockpiles declined by 1.7 million barrels. The S&P Global Platts survey forecast supply declines of 1.8 million barrels for gasoline and 500,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 800,000 barrels for the week. Oil prices pared some of its losses following the EIA data. October West Texas Intermediate crude was down 64 cents, or 0.9%, at $67.86 a barrel on the New York Mercantile Exchange. Futures were trading at $67.44 before the supply data.