EIA reports a nearly 10 million-barrel weekly drop in U.S. crude supplies

The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 9.6 million barrels for the week ended June 23. On average, analysts polled by S&P Global Commodity Insights expected a 4.8 million-barrel decline. The EIA report showed weekly inventory gains of 600,000 barrels for gasoline and 100,000 barrels for distillates. Analysts had forecast weekly decreases of 1 million barrels for gasoline and 900,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.2 million barrels for the week, the EIA said.