The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 1.6 million barrels for the week ending Nov. 24. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 700,000 barrels. The EIA report also revealed supply increases of 1.8 million barrels for gasoline and 5.2 million barrels for distillates. The forecast called for a gasoline supply rise of 200,000 barrels and a decline of 100,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub climbed by 1.8 million barrels last week, the EIA said. Oil futures traded lower ahead of the OPEC+ meeting scheduled for Thursday, with January West Texas Intermediate crude CLF24down 57 cents, or 0.8%, at $75.84 a barrel on the New York Mercantile Exchange. Prices traded at $75.97 before the supply data.
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