Oil Futures Gain After EIA Reports 1.3 Million-barrel Fall In U.S. Crude Supplies

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures climbed Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 18 fell by 1.3 million barrels. That matched the decline reported by the American Petroleum Institute late Tuesday, according to sources. Analysts polled by S&P Global Platts expected supplies to be unchanged, while a survey from The Wall Street Journal forecast an increase of 800,000 barrels. Gasoline supplies climbed 2.3 million barrels and distillate stockpiles also rose by 300,000 barrels, according to the EIA. January crude rose 34 cents, or 0.7%, to $48.37 a barrel on the New York Mercantile Exchange. Prices traded at $48.02 before the data.

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