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Home>UPDATE: Oil prices turn higher as EIA data show hefty weekly decline in U.S. crude supplies

UPDATE: Oil prices turn higher as EIA data show hefty weekly decline in U.S. crude supplies

UPDATE: Oil prices turn higher as EIA data show hefty weekly decline in U.S. crude supplies

10/04/2017

Data from the U.S. Energy Information Administration Wednesday (http://ir.eia.gov/wpsr/wpsrsummary.pdf) showed that domestic crude supplies fell by 6 million barrels for the week ended Sept. 29. That's well above the forecast for a decline of 1.5 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday (http://www.marketwatch.com/story/api-data-said-to-show-us-crude-supply-down-but-gasoline-stocks-climb-2017-10-03) a decrease of 4.1 million barrels, according to sources. Gasoline stockpiles were up 1.6 million barrels for the week, while distillate stockpiles fell 2.6 million barrels, according to the EIA. November crude rose 23 cents, or 0.5%, to $50.65 a barrel on the New York Mercantile Exchange. Prices traded at $50.25 before the supply data (http://www.marketwatch.com/story/oil-on-pace-for-longest-losing-stretch-since-late-august-2017-10-04).

-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

10-04-17 1135ET

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