Oil Tops $48 As Sources Say API Data Show Big Drop In U.S. Crude Supply

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices topped $48 a barrel late Tuesday after the American Petroleum Institute reported that U.S. crude supplies dropped 10.2 million barrels for the week ended July 21, according to sources. The API data also showed a rise of 1.9 million barrels in gasoline supplies, while inventories of distillates were down 111,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 2.5 million barrels in crude inventories. September crude was at $48.46 a barrel in electronic trading, up from the contract’s settlement of $47.89 on the New York Mercantile Exchange.

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