Oil Rallies as EIA Reports Weekly Fall in U.S Crude Supplies

Oil prices added to earlier gains Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 2.5 million barrels for the week ended June 16.

Analysts surveyed by S&P Global Platts expected a decline of 2 million barrels, while the American Petroleum Institute late Tuesday reported a fall of 2.7 million barrels, according to sources.

Gasoline stockpiles also fell by 600,000 barrels, while distillate stockpiles rose by 1.1 million barrels last week, according to the EIA. August crude CLQ7, +0.83% rose 47 cents, or 1.1%, to $43.98 a barrel on the New York Mercantile Exchange. It traded at $43.77 before the supply data.


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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell