Oil Closes Near Six-Week Low as Supply Falls Less Than Expected
- U.S. crude inventories slide 930,000 barrels last week: EIA
- Crude production climbed an 11th week to highest since 2015
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Crude closed near a six-week low in New York after U.S. inventories declined by less than analysts projected.
Crude stockpiles fell 930,000 barrels to 527.8 million, the Energy Information Administration reported Wednesday -- less than a third of the 3 million-barrel decline forecast by analysts surveyed by Bloomberg. Production advanced to 9.29 million barrels a day last week, the highest since August 2015. Gasoline inventories increased as demand falters. Prices had risen as much as 1.2 percent in New York before the report was released.