The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 5.2 million barrels for the week ended Dec. 2. On average, analysts forecasted a decline of 2.6 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA, however, showed weekly inventory gains of 5.3 million barrels for gasoline and 6.2 million barrels for distillates. The analyst survey had called for increases of 2.9 million barrels for gasoline and 1.9 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub declined by 400,000 barrels for the week, the EIA said. January West Texas Intermediate crude CLF23 was down 18 cents, or 0.2%, at $74.07 a barrel on the New York Mercantile Exchange. It was at $74.72 before the supply data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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