MTECHTIPS;-Oil futures remain higher as U.S. crude supplies fall more

MTECHTIPS;-Oil futures remain higher as U.S. crude supplies fall more than expected

MTECHTIPS-Oil prices remained higher on Wednesday, after data from the U.S. Energy Information Administration showed domestic crude supplies declined more than expected last week. The U.S. West Texas Intermediate crude September contract was at $47.66 a barrel by 10:35 AM ET (1435 GMT), up 11 cents, or around 0.23%. Prices were at around $47.77 prior to the release of the inventory data. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 20 cents, or 0.41%, to $50.94 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 8.94 million barrels in the week ended August 11. Market analysts’ expected a crude-stock decline of around 3.06 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 9.16 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 678,000 barrels last week, the EIA said. The report also showed that gasoline inventories rose by 253.000 barrels
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