: EIA reports weekly declines in U.S. crude, gasoline and distillate supplies

The Energy Information Administration on Thursday reported that U.S. commercial crude inventories fell by 1.5 million barrels for the week ended June 30. On average, analysts polled by S&P Global Commodity Insights expected the report, which was released a day later than usual due to Tuesday’s Fourth of July holiday, to show a decline of 3.6 million barrels. The EIA report also revealed weekly inventory decreases of 2.5 million barrels for gasoline and 1 million barrels for distillates. Analysts had forecast weekly decreases of 1.7 million barrels for gasoline and 700,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 400,000 barrels for the week, the EIA said. Oil futures pared some of its earlier losses, with August West Texas Intermediate crude CLQ23 down 69 cents, or 1%, at $71.10 a barrel on the New York Mercantile Exchange. Prices traded at $70.83 before the supply data.

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