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EIA reports a drop in U.S. crude supply for the first time in 11 weeks

Myra P. Saefong

The Energy Information Administration reported that domestic crude supplies fell by 7.3 million barrels for the week ended Nov. 30. Supplies had climbed for 10 weeks in a row before the latest decline, according to data from the government agency, which reported the data a day later than usual because of Wednesday's national day of mourning. Analysts surveyed by S&P Global Platts had forecast a decline of 2.39 million barrels, while the American Petroleum Institute on Tuesday reported a climb of 5.4 million barrels. Gasoline stockpiles rose by 1.7 million barrels last week, while distillate stockpiles climbed by 3.8 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply increases of 357,000 barrels in gasoline and 1.25 million barrels in distillate inventories. January crude was down $1.82, or 3.4%, at $51.07 a barrel on the New York Mercantile Exchange, pressured after the Organization of the Petroleum Exporting Countries on Thursday postponed a decision on production to Friday. Prices were trading at $50.63 before the supply data.