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

By Myra P. SaefongMarketsMarketWatch 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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