API data reportedly show a weekly decline of over 7 million barrels in U.S. crude supplies

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.2 million barrels for the week ended June 18, according to sources. The API report also showed gasoline stockpiles up by 959,000 barrels, while distillate inventories climbed by 992,000 barrels, the sources said. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by nearly 2.6 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 6.3 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 1.3 million barrels for gasoline and 1 million barrels for distillates. August West Texas Intermediate crude
CLQ21,
+0.65%
was at $73.11 barrel in electronic trading, after settling Tuesday at $72.85 on the New York Mercantile Exchange.

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