The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 4.5 million barrels for the week ended Oct. 13. On average, analysts polled by S&P Global Commodity Insights expected the report to show a small decline of 30,000 barrels. The EIA report also revealed supply declines of 2.4 million barrels for gasoline and 3.2 million barrels for distillates. Analysts forecast inventory decreases of 800,000 barrels for gasoline and 900,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 800,000 barrels for the week, the EIA said. Oil futures continued higher, with November West Texas Intermediate crude
CLX23,
up $1.49, or 1.7%, at $88.15 a barrel on the New York Mercantile Exchange. Prices traded at $87.80 before the supply data.
