Oil futures extend gains as EIA reports a weekly fall in U.S. crude supplies

The Energy Information Administration reported on Thursday that U.S. crude inventories fell by 5.1 million barrels for the week ended May 28. On average, analysts polled by S&P Global Platts forecast a decline of 3.3 million barrels for crude stocks, while the American Petroleum Institute on Wednesday reported a 5.4 million-barrel decrease, according to sources. Inventory data were released a day later than usual this week due to Monday’s Memorial Day holiday. The EIA also reported that gasoline supply climbed by 1.5 million barrels, while distillate stockpiles rose by 3.7 million barrels for the week. The S&P Global Platts survey had expected weekly supply declines of 1.1 million barrels for gasoline and 1.6 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 700,000 barrels for the week. Oil prices extended early gains after the data, with July West Texas Intermediate crude up 32 cents, or 0.5%, at $69.15 a barrel on the New York Mercantile Exchange. Prices were trading at $69.01 before the supply data.

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