The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 4 million barrels for the week ended Sept. 8. On average, analysts expected a crude inventory decline of 1 million barrels, according to a survey conducted by S&P Global Commodity Insights. The EIA report also revealed supply increases of 5.6 million barrels for gasoline and 3.9 million barrels for distillates. Analysts had forecast a weekly inventory decline of 1.4 barrels for gasoline, while distillate supplies were expected to be flat for the week. Crude stocks at the Cushing, Okla., Nymex delivery hub down by 2.4 million barrels for the week, the EIA said. Oil futures were little changed, with October West Texas Intermediate crude
CLV23,
up 4 cents, or nearly 0.1%, at $88.88 a barrel on the New York Mercantile Exchange. Prices traded at $88.78 before the supply data.
