EIA Reports First Weekly U.S. Crude-oil Supply Decline In a Month

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures extended gains Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 2.2 million barrels for the week ended April 7. The American Petroleum Institute late Tuesday reported a 1.3 million-barrel decline, according to sources, while analysts polled by S&P Global Platts forecast a climb of 125,000 barrels. Gasoline supplies also declined by 3 million barrels, while distillate stockpiles were down by 2.2 million barrels last week, according to the EIA. May crude rose 13 cents, or 0.2%, to $53.54 a barrel on the New York Mercantile Exchange. It was trading at $53.46 before the supply data.

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