Oil Futures Extend Rise After EIA Reports a Fifth-straight Surprise Weekly Fall In U.S. Crude Supplies

By MarketsMarketWatch Pulse

Oil futures extended their gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 3 million barrels in the week ended Sept. 30. A 2 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported a drop of 7.6 million barrels, according to sources. The EIA has now reported surprise supply declines for five weeks in a row. Gasoline supplies, meanwhile, edged up by 200,000 barrels, while distillate stockpiles fell 2.4 million barrels, according to the EIA. November crude rose $1.09, or 2.2%, from Tuesday's settlement to $49.78 a barrel on the New York Mercantile Exchange. Prices traded at $49.60 before the data.

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