Ahead of the Bell: Oil supplies expected to drop

Associated Press

NEW YORK (AP) -- The Energy Department is expected to report on Wednesday that the nation's crude oil supplies shrank by 1.25 million barrels in the week ended Nov. 30, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Analysts estimate that gasoline supplies increased by 2 million barrels, distillate stocks — which include diesel and heating fuel — grew by 800,000 barrels and refinery utilization rose by 0.6 percentage point to 89.2 percent of capacity.

The Energy Information Administration releases its weekly report at 10:30 a.m. EST.