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.
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