Oil futures extend rally after EIA reports 5.2 million-barrel drop in U.S. crude supply

Oil futures extended their rally Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels in the week ended Oct. 14. Analysts polled by S&P Global Platts expected a 2.5 million-barrel climb, while the American Petroleum Institute late Tuesday reported a decline of 3.8 million barrels. Gasoline supplies, meanwhile, rose by 2.5 million barrels, while distillate stockpiles fell by 1.2 million barrels, according to the EIA. November crude rose $1.25, or 2.5%, to $51.54 a barrel on the New York Mercantile Exchange. Prices traded at $51.16 before the 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.