The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 8.7 million barrels for the week ended Nov. 17. On average, analysts polled by S&P Global Commodity Insights expected the data to show an increase of 100,000 barrels. The EIA report also a revealed supply climb of 700,000 barrels for gasoline, while distillate stockpiles declined by 1 million barrels. The forecast called for a gasoline supply increase of 1.1 million barrels and a decline of 400,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 900,000 barrels last week, the EIA said. Oil futures extended their losses in the wake of an OPEC+ meeting delay, with January West Texas Intermediate crude CLF24 down $3.59, or 4.6%, at $74.18 a barrel on the New York Mercantile Exchange. Prices traded at $74.22 before the supply data.
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