Oil Falls As Sources Say API Data Show Unexpected Climb In U.S. Crude Supply

By Myra P. SaefongMarketsMarketWatch Pulse

The American Petroleum Institute reported Tuesday an unexpected climb of 1.6 million barrels in U.S. crude supplies for the week ended July 14, according to sources. The API data also showed a drop of 5.4 million barrels in gasoline supplies, while inventories of distillates were down 2.9 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 million barrels in crude inventories. August crude was at $46.25 a barrel in electronic trading, down from the contract’s settlement of $46.40 on the New York Mercantile Exchange.

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