API Data Show Fall In U.S. Crude Supply, Rise In Gasoline Stockpiles: Sources

Oil prices edged lower late Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell 3.6 million barrels for the week ended Aug. 18, but gasoline stockpiles unexpectedly climbed by 1.4 million barrels, according to sources. The API data also showed that inventories of distillates rose nearly 2.1 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 3.7 million barrels in crude inventories. October crude was at $47.63 a barrel in electronic trading, down from the new front-month contract’s settlement of $47.83 on the New York Mercantile Exchange.

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