Oil Turns Higher After EIA Data Show U.S. Crude Supplies Fell 600,000 Barrels

Oil futures turned higher on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 600,000 barrels in the week ended Sept. 9. A 3.3 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported an increase of 1.4 million barrels, according to sources. The EIA had reported a big 14.5 million-barrel drop in crude supplies for the prior week, which analysts attributed to weather-related issues. Gasoline supplies rose 600,000 barrels, while distillate stockpiles jumped up by 4.6 million barrels, according to the EIA. October crude rose 15 cents, or 0.3%, from Tuesday's settlement to $45.05 a barrel on the New York Mercantile Exchange. Prices traded at $44.44 before the data.