EIA reports a weekly decline of more than 9 million barrels in U.S. crude supplies

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The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 9.4 million barrels for the week ended Aug. 28, marking a sixth weekly decline in a row. That compared with an average forecast by analysts polled by S&P Global Platts for a fall of 1.2 million barrels. The American Petroleum Institute on Tuesday reported a drop of 6.4 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 100,000 barrels for the week. Gasoline supply, meanwhile, fell by 4.3 million barrels, while distillate stockpiles declined by 1.7 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 4.7 million barrels for gasoline and 900,000 barrels for distillates. October West Texas Intermediate crude pared earlier losses to trade down 7 cents, or 0.2%, at $42.69 a barrel on the New York Mercantile Exchange. Prices traded at $42.37 before the supply data.
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