EIA reports a weekly climb in U.S. crude supplies, but stocks at a key delivery hub decline
The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 4.3 million barrels for the week ended Oct. 22. On average, analysts polled by S&P Global Platts expected a 100,000-barrel decline, but the American Petroleum Institute on Tuesday reported a 2.3 million-barrel climb, according to sources. The EIA also reported weekly inventory declines of 2 million barrels for gasoline and 400,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 2.7 million barrels for gasoline and 2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., storage hub fell by 3.9 million barrels for the week. Oil prices continued to trade lower after the EIA data. December West Texas Intermediate crude contract fell 83 cents, or 1%, at $83.82 a barrel on the New York Mercantile Exchange, little changed from $83.81 before the supply data.
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