US Crude Oil Supplies Drop By 7.4 Million Barrels [View all]

[Purveyor]

NEW YORK (AP) -- The nation's crude oil supplies declined last week, the government said Wednesday.

Crude supplies fell by 7.4 million barrels, or 2 percent, to 357.1 million barrels, which is 1.1 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected a drop of 5 million barrels for the week ended Aug. 31, according to Platts, the energy information arm of McGraw-Hill Cos.

Imports of crude oil slowed as Hurricane Isaac blew through the Gulf Coast, reducing the nation's inventories.

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