EIA reports fifth-straight weekly decline in U.S. crude supplies

Oil prices continued to climb on Wednesday after the Energy Information Administration reported that domestic crude supplies fell by 2.1 million barrels for the week ended Sept. 14. The EIA had reported declines in each of the previous four weeks. Analysts surveyed by S&P Global Platts had forecast a fall of 3 million barrels, but the American Petroleum Institute on Tuesday reported an increase of 1.25 million barrels, according to sources. Gasoline stockpiles declined by 1.7 million barrels for the week, while distillate stockpiles climbed by 800,000 barrels, according to the EIA. The S&P Global Platts survey had shown expectations for a decrease of 1.6 million barrels in gasoline supplies, while distillates were forecast to fall by 282,000 barrels. October crude CLV8, +1.16% rose 79 cents, or 1.1%, to $70.64 a barrel on the New York Mercantile Exchange. That’s up from $70.41 before the supply data.

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