The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 4.3 million barrels for the week ended Dec. 8. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 2.7 million barrels. The EIA report also revealed supply increases of 400,000 barrels for gasoline and 1.5 million barrels for distillates. The forecast called for supply gains of 3.4 million barrels for gasoline and 1.6 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 1.2 million barrels last week, the EIA said. Oil futures continued to trade higher, with January West Texas Intermediate crude CLF24 up 70 cents, or 1%, at $69.31 a barrel on the New York Mercantile Exchange. Prices traded at $69.18 before the supply data.
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