EIA Reports 8th-straight Weekly Drop In U.S. Crude Supplies

Data from the U.S. Energy Information Administration released Thursday showed that domestic crude supplies fell by 6.4 million barrels for the week ended May 26. The EIA report, which was issued a day later than usual due to Monday's Memorial Day holiday, marked an eighth weekly drop in a row. The American Petroleum Institute late Wednesday reported a drop of 8.7 million-barrel, according to sources, while analysts polled by S&P Global Platts forecast a fall of 3.2 million barrels. Gasoline stockpiles fell by 2.9 million barrels, while distillate stockpiles were up 400,000 barrels last week, according to the EIA. July crude traded at $48.50 a barrel, up 16 cents, or 0.3%, on the New York Mercantile Exchange. It traded at $48.56 before the supply data.