Oil Prices Hold Onto Gains After EIA Says U.S. Crude Supplies Fell a Fourth-straight Week
Oil futures held onto earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 1.9 million barrels in the week ended Sept. 23. A 3.2 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported a decline of 752,000 barrels, according to sources. The EIA has now reported unexpected supply declines for four weeks in a row. Gasoline supplies, meanwhile, rose by 2 million barrels, while distillate stockpiles were down 1.9 million barrels, according to the EIA. November crude rose 57 cents, or 1.3%, from Tuesday's settlement to $45.24 a barrel on the New York Mercantile Exchange. Prices traded at $45.30 before the data.
Copyright © 2016 MarketWatch, Inc.