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Oil prices extend gains as EIA reports a 4.8 million-barrel weekly fall in U.S. crude supplies


Thursday, 5 September 2019 22:20 WIB

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The Energy Information Administration on Thursday reported that U.S. crude supplies declined by 4.8 million barrels for the week ended Aug. 30.

On average, analysts polled by S&P Global Platts forecast a fall of 3 million barrels, while the American Petroleum Institute on Wednesday reported an increase of 401,000 barrels, according to sources.

The EIA and API reports were each released a day later than usual because of Monday's Labor Day holiday.

The EIA data showed weekly supply declines of 2.4 million barrels for gasoline and 2.5 million barrels for distillates.

The S&P Global Platts survey had forecast inventory losses of 1.9 million barrels for gasoline and 120,000 barrels for distillates. October West Texas Intermediate crude was up $1.21, or 2.2%, at $57.47 a barrel on the New York Mercantile Exchange. Prices were trading at $56.97 before the supply data.

Source : Market Watch


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