Oil Extends Gains After EIA Data Show U.S. Crude Supplies Down 6.2 Million Barrels

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures extended their earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 6.2 million barrels in the week ended Sept. 16. A 2.8 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported a larger drop of 7.5 million barrels, according to sources. The EIA has now reported unexpected supply declines for three weeks in a row. Gasoline supplies also fell by 3.2 million barrels, while distillate stockpiles rose by 2.2 million barrels, according to the EIA. November crude climbed $1.01, or 2.3%, from Tuesday's settlement to $45.06 a barrel on the New York Mercantile Exchange. Prices traded at $44.90 before the data.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below