EIA Data Show U.S. Crude Supplies Down For The Eighth Straight Week

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 3.3 million barrels for the week ended Aug. 18, following declines in each of the last seven weeks. That's just below the forecast for a decline of 3.7 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday a fall of 3.6 million barrels, according to sources. Gasoline stockpiles were down 1.2 million barrels for the week, while distillate stockpiles remained unchanged, according to the EIA. Prices for West Texas Intermediate crude edged up from their pre-supply data levels. October crude was up 18 cents, or 0.4%, at $48.01 a barrel on the New York Mercantile Exchange. Prices traded at $47.77 before the supply data.

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