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MTECHTIPS:-WTI oil futures trim gains after U.S. supply data

MTECHTIPS:-WTI oil futures trim gains after U.S. supply data

West Texas Intermediate oil trimmed gains on Wednesday, after data showed that oil supplies in the U.S. fell less than expected last week. Crude oil for delivery in September on the New York Mercantile Exchange tacked on 20 cents, or 0.46%, to trade at $43.28 a barrel during U.S. morning hours. Prices were at around $43.52 prior to the release of the inventory data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 1.7 million barrels in the week ended August 7. Market analysts’ expected a crude-stock fall of 1.8 million, while the American Petroleum Institute late Tuesday reported a decline of 0.9 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 51,000 barrels last week, compared to forecasts for a decline of 425,000 and following a drop of 542,000 barrels a week earlier. Total U.S. crude oil inventories stood at 453.6 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. The report also showed that gasoline inventories decreased by 1.3 million barrels, while distillate stockpiles rose by 3.0 million barrels. On Tuesday, Nymex oil fell to an intraday low of $42.69, a level not seen since March 2009, before closing at $43.08, down $1.88, or 4.18%. New York-traded oil futures have been under heavy selling pressure in recent months as worries over high domestic U.S. oil production weighed.
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