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

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The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 4.7 million barrels for the week ended Aug. 21, marking a fifth weekly decline in a row. That compared with an average forecast by analysts polled by S&P Global Platts for a decline of 4.3 million barrels. The American Petroleum Institute on Tuesday reported a decrease of 4.5 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by about 300,000 barrels for the week. Gasoline supply, meanwhile, fell by 4.6 million barrels, while distillate stockpiles rose by 1.4 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 2.7 million barrels for gasoline and 700,000 barrels for distillates. October West Texas Intermediate crude was up 28 cents, or 0.7%, at $43.63 a barrel on the New York Mercantile Exchange. Prices traded at $43.60 before the supply data.
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