The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 600,000 barrels for the week ended July 21. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decrease of 4.4 million barrels. The EIA report also revealed supply falls of 800,000 barrels for gasoline and 200,000 barrels for distillates for the week. Analysts had forecast weekly inventory declines of 2 million barrels for gasoline and 2.3 million for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 2.6 million barrels for the week, the EIA said. Oil futures continued to trade lower, with September West Texas Intermediate crude
CLU23,
down 45 cents, or 0.6%, at $79.18 a barrel on the New York Mercantile Exchange. Prices traded at $79.54 before the supply data.
