Oil Falls As Sources Say API Data Show Surge In U.S. Crude Stockpiles

Oil futures declined in electronic trading Tuesday after the American Petroleum Institute reported a 4.46 million-barrel climb in U.S. crude supplies for the week ended August 19, according to sources. Analysts polled by S&P Global Platts forecast a much smaller weekly rise of 200,000 barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. October crude was at $47.68 a barrel in electronic trading, down from the contract’s settlement of $48.10 on the New York Mercantile Exchange.

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