API Reports Surprise Decline In Crude Supplies

The American Petroleum Institute late Tuesday reported a decline in U.S. oil supplies by 600,000 barrels in the week ended Oct. 31, according to reports. The data comes a day ahead of the U.S. Energy Information Administration report. Analysts polled by FactSet forecast an increase by 1.2 million in crude supplies for the week. The API, a trade group, also reported gasoline and distillates supplies each rose by 200,000 barrels on the week. Crude-oil futures settled at a three-year low on Tuesday.

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