API Data Show 3.6 Million-barrel Decline In U.S. Crude Supply: Sources

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures edged up in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 3.6 million barrels for the week ended June 3, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.4 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. August crude was at $50.43 a barrel in electronic trading, up from the contract’s settlement of $50.36 on the New York Mercantile Exchange.

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