Oil Extends Gains After EIA Reports 1.9 Million-barrel Fall In Crude Supplies

By Myra P. SaefongMarketWatch Pulse

Oil prices gained more ground on Wednesday after the U.S. Energy Information Administration reported a decline of 1.9 million barrels in crude supplies for the week ended Sept. 18. Analysts polled by Platts forecast a crude-stock fall of 700,000 barrels, while the American Petroleum Institute Tuesday said supplies dropped by 3.7 million barrels, according to sources. Gasoline supplies climbed by 1.4 million barrels while distillate stockpiles fell 2.1 barrels last week, according to the EIA. November crude was at $46.74 a barrel, up 38 cents, or 0.8%, on the New York Mercantile Exchange. Prices traded at $46.45 before the report.

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