The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 700,000 barrels for the week ended July 14. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 2.25 million barrels. The EIA report also revealed a supply fall of 1.1 million barrels for gasoline, while distillate stockpiles were roughly unchanged for the week. Analysts had forecast a weekly fall of 900,000 barrels for gasoline, while distillates were expected to be unchanged. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 2.9 million barrels for the week, the EIA said. Oil futures continued to trade higher, with August West Texas Intermediate crude
CLQ23,
up 58 cents, or 0.8%, at $76.33 a barrel on the New York Mercantile Exchange. Prices traded at $76.65 before the supply data.
