The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 3.7 million barrels for the week ended March 31. On average, analysts forecast a decline of 7.5 million barrels, according to a survey by S&P Global Commodity Insights. The EIA report also showed a weekly inventory declines of 4.1 million barrels for gasoline and 3.6 million barrels for distillates. The analyst survey had forecast supply decreases of 1.3 million barrels for gasoline and 140,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub declined by 1 million barrels for the week, the EIA said. May West Texas Intermediate crude
CLK23,
was down 45 cents, or 0.6%, at $80.26 a barrel on the New York Mercantile Exchange. Prices traded at $80 before the supply data.
