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

By Myra P. SaefongMarketsMarketWatch Pulse

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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