The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 1.4 million barrels for the week ended Sept. 30. On average, analysts forecasted a decline of 1.5 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA also reported weekly inventory declines of 4.7 million barrels for gasoline and 3.4 million barrels for distillates The analyst survey had called for decreases of 2.3 million barrels for gasoline and 1.8 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 300,000 barrels for the week, the EIA said. Oil prices rose, also finding some support in the wake of reports of an OPEC+ agreement to reduce crude production. November West Texas Intermediate crude was up 47 cents, or 0.5%, at $86.99 a barrel on the New York Mercantile Exchange. It was at $86.36 before the supply data.
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