API Data Show a Weekly Decline In U.S. Crude Supplies, According To Sources

Oil prices edged up in electronic trading Tuesday after the American Petroleum Institute reported a decline of 1.5 million barrels in U.S. crude supplies for the week ended May 19, according to sources. The API data also showed a drop of 3.2 million barrels in gasoline supplies, while inventories of distillates were down 1.9 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 decrease of 2.8 million barrels in crude inventories. June crude was at $51.53 a barrel in electronic trading, up slightly from the contract’s settlement of $51.47 on the New York Mercantile Exchange.