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Oil prices climb higher after bigger-than-expected weekly fall in U.S. crude supplies

Wednesday, Jun 20 2018
Oil prices climb higher after bigger-than-expected weekly fall in U.S. crude supplies

The U.S. Energy Information Administration reported Wednesday that crude supplies dropped by 5.9 million barrels for the week ended June 15. Analysts surveyed by S&P Global Platts had forecast a fall of 3.7 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 3 million barrels, according to sources.

Gasoline stockpiles, however, rose by 3.3 million barrels for the week, while distillate stockpiles climbed by 2.7 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply fall of 1 million barrels for gasoline, and expected distillate stocks to be down by 700,000 barrels.. July crude cln8 rose 90 cents, or 1.4%, to $65.97 a barrel on the New York Mercantile Exchange, up from $65.81 before the supply data.

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