API data reportedly show weekly declines in U.S. crude, gasoline and distillate supplies


The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.6 million barrels for the week ended Aug. 20, according to sources. The API report also reportedly showed inventory declines of 985,000 barrels for gasoline and 245,000 barrels for distillate supplies. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 485,000 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 3.2 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 1.5 million barrels for gasoline, and 400,000 barrels for distillates. October West Texas Intermediate crude
was at $67.67 barrel in electronic trading, after settling Tuesday at $67.54 on the New York Mercantile Exchange.


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