Oil Prices Turn Higher After EIA Reports Unexpected 600,000-barrel Decline In U.S. Crude Supply

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices reversed course Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies unexpectedly fell by 600,000 barrels in the week ended Oct. 21. Analysts polled by S&P Global Platts expected a 400,000-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 4.8 million barrels. Gasoline supplies, meanwhile, also declined by 2 million barrels and distillate stockpiles dropped 3.4 million barrels, according to the EIA. December crude rose by 4 cents, or less than 0.1%, to $50 a barrel on the New York Mercantile Exchange. Prices traded at $48.90 before the data.

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