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EIA reports a second straight weekly increase in in U.S. crude supplies

Myra P. Saefong

The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 1.6 million barrels for the week ended Aug. 9. That followed an increase of 2.4 million barrels the week before. Analysts polled by S&P Global Platts, on average, expected a decline of 2.7 million barrels, while the American Petroleum Institute on Tuesday reported a 3.7 million-barrel rise, according to sources. The EIA data also showed that gasoline inventories were down by 1.4 million barrels, while distillate stockpiles edged lower by 1.9 million barrels last week. The S&P Global Platts survey had shown expectations for a supply decrease of 700,000 barrels for gasoline, while distillates were forecast to edge up by 870,000 barrels. September West Texas Intermediate crude was down $1.76, or 3.1%, to $55.34 a barrel on the New York Mercantile Exchange. Prices were trading at $55.10 before the supply data.