Oil futures edged lower in electronic trading Tuesday, holding ground at a 10-week low, after the American Petroleum Institute reported that U.S. crude supplies fell by 2.3 million barrels for the week ended July 15, according to sources. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by S&P Global Platts forecast a decline of 1.25 million barrels for crude inventories. August crude was at $44.56 a barrel in electronic trading, down a bit from the contract’s settlement of $44.65 on the New York Mercantile Exchange.
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