Oil Futures Extend Losses After EIA Reports a 2.4 Million-barrel Rise In U.S. Crude Supply
Oil futures extended their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.4 million barrels in the week ended Nov. 4. Analysts polled by S&P Global Platts expected a 1.6 million-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 4.4 million barrels, according to sources. Gasoline supplies, meanwhile, fell 2.8 million barrels and distillate stockpiles declined by 1.9 million barrels, according to the EIA. December crude lost 22 cents, or 0.5%, to $44.76 a barrel on the New York Mercantile Exchange. Prices traded at $44.87 before the data.
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