The American Petroleum Institute reported Tuesday a decline of 2.7 million barrels in U.S. crude supplies for the week ended June 16, according to sources. The API data, however, showed a climb of 346,000 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 expect the EIA to report a decline of 2 million barrels in crude inventories. August crude was at $43.53 a barrel in electronic trading, little changed from the contract’s settlement of $43.51 on the New York Mercantile Exchange.
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