EIA reports a weekly drop in U.S. crude supplies, but rise in gasoline, distillates

The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 4.6 million barrels for the week ended Dec. 1. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 4.1 million barrels. The EIA report also revealed supply increases of 5.4 million barrels for gasoline and 1.3 million barrels for distillates. The forecast called for supply gains of 800,000 barrels each for gasoline and distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 1.9 million barrels last week, the EIA said. Oil futures continued to trade lower, with January West Texas Intermediate crude
CLF24,
-4.02%
down $1.70, or 2.4%, at $70.62 a barrel on the New York Mercantile Exchange. Prices traded at $70.80 before the supply data.