The American Petroleum Institute on Tuesday said U.S. crude oil inventories rose 1.8 million barrels last week, according to news reports. The trade group saw a 4.8 million barrel decline in gasoline stocks and a 1.2 million barrel fall in distillate stocks, reports said. More closely watched data from the Energy Information Administration is scheduled for release Wednesday morning. Oil futures remained under pressure in electronic trade following the API figures, with September crude on the New York Mercantile Exchange trading at $48.77 a barrel, down from a settlement of $49.16 earlier Tuesday.
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