Oil futures rallied on Thursday after the U.S. Energy Information Administration reported that domestic crude supplies dropped by 14.5 million barrels in the week ended Sept. 2. A 425,000-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Wednesday reported a decline of 12.1 million barrels. A recent hurricane in the Gulf of Mexico had caused a shut down of production in the region last week. Gasoline supplies fell 4.2 million barrels, while distillate stockpiles rose by 3.4 million barrels, according to the EIA. October crude rose $1.38, or 3%, from Wednesday’s settlement to $46.88 a barrel on the New York Mercantile Exchange. Prices traded at $46.20 before the data.
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