The American Petroleum Institute reported Tuesday a fall of 4.6 million barrels in U.S. crude supplies for the week ended June 2, according to sources. The API data, however, also showed a climb of 4.1 million barrels in gasoline supplies, while inventories of distillates were up 1.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decline of 3.5 million barrels in crude inventories. July crude was at $47.97 a barrel in electronic trading, down from the contract’s settlement of $48.19 on the New York Mercantile Exchange.
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