EIA reports a third 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 4.5 million barrels for the week ended Aug. 7, marking a third weekly decline in a row. That compared with an average forecast by analysts polled by S&P Global Platts for a decline of 4.7 million barrels. The American Petroleum Institute on Tuesday reported a decrease of 4.4 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.3 million barrels for the week. Gasoline supply, meanwhile, fell by 700,000 barrels, while distillate stockpiles decreased by 2.3 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 2.1 million barrels for gasoline and 100,000 barrels for distillates. September West Texas Intermediate crude was up 84 cents, or 2%, at $42.45 a barrel on the New York Mercantile Exchange. Prices traded at $42.51 before the supply data. 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.