EIA reports a decline in U.S. crude supplies, the first in 4 weeks

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The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 1.4 million barrels for the week ended April 12. Analysts polled by S&P Global Platts expected a rise of 1.8 million barrels, following three consecutive weeks of increases. The American Petroleum Institute on Tuesday had reported a decrease of 3.1 million barrels, according to sources. The EIA data also showed inventory declines of 1.2 million barrels for gasoline and 400,000 barrels for distillates last week. The S&P Global Platts survey had shown expectations for supply declines of 2.5 million barrels for gasoline and 1.6 million barrels for distillates. May West Texas Intermediate crude was up 12 cents, or 0.2%, at $64.17 a barrel on the New York Mercantile Exchange, little changed from $64.15 before the supply data’s release. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.