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Futures plunge after supply report

U.S. crude-oil supplies declined by one million barrels in the week ended Sept. 5, the Energy Information Administration said Wednesday.

That was in line with expectations of analysts polled by Platts, and numbers released late Tuesday by the American Petroleum Institute, a trade group.

The EIA also reported gasoline stockpiles were up 2.4 million, and distillates inventories rose 4.1 million barrels. The analysts surveyed by Platts had expected gasoline stocks unchanged and distillate stocks up 400,000 barrels.

The report did little to support crude-oil futures trading in New York, however, weighed down by a strong dollar and ongoing concerns of plentiful worldwide supplies.

Crude for October delivery was recently down 1.2% at $91.61 U.S. a barrel on the New York Mercantile Exchange.