API Crude Supply Report Shows Decline: Reports

MarketWatch Pulse

U.S. crude supplies dropped by 1.5 million barrels in week ended Nov. 7, the American Petroleum Institute said Wednesday, according to reports. The trade group's weekly supplies data comes a day later than usual due to the Veterans Day holiday. More closely watched weekly data from the Energy Information Administration is due Thursday, also a day later due to the holiday. Analysts polled by Platts expect the EIA to report a decline in crude supplies by 500,000 barrels on the week. Oil futures closed at a three-year low on Wednesday after OPEC said a decline in its production was nearly matched by an increase in supplies from oil-exporting countries outside the cartel.

Copyright © 2014 MarketWatch, Inc.

Continue Reading Below