The Miami Entrepreneur

: EIA reports a weekly drop of 12.6 million barrels in U.S. crude supplies

The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 12.6 million barrels for the week ended Nov. 25. On average, analysts forecasted a decline of 4.4 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA also showed weekly inventory increases of 2.8 million barrels for gasoline and 3.5 million barrels for distillates. The analyst survey had called for increases of 600,000 barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 400,000 barrels for the week, the EIA said. January West Texas Intermediate crude CLF23 was up $2.32, or 3%, at $80.52 a barrel on the New York Mercantile Exchange. It was at $80.41 before the supply data.

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