Oil Adds To Gains As EIA Reports Second-straight Weekly Fall In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices added to earlier gains Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 2.5 million barrels for the week ended June 16. Analysts surveyed by S&P Global Platts expected a decline of 2 million barrels, while the American Petroleum Institute late Tuesday reported a fall of 2.7 million barrels, according to sources. Gasoline stockpiles also fell by 600,000 barrels, while distillate stockpiles rose by 1.1 million barrels last week, according to the EIA. August crude rose 47 cents, or 1.1%, to $43.98 a barrel on the New York Mercantile Exchange. It traded at $43.77 before the supply data.

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