U.S. Crude Supplies Fall Says API Data, Suggesting Market Rebalancing

The American Petroleum Institute reported Tuesday that U.S. crude inventories declined while gasoline inventories increased for the week ended Aug. 4. API data showed that crude inventories declined 7.8 million barrels, while gasoline inventories increased 1.5 million barrels, according to sources. "Another big draw on crude suggests that market rebalancing [is] well underway," said Phil Flynn, senior market analyst at the Price Futures Group, in emailed comments. Supply data from the Energy Information Administration is scheduled for release Wednesday morning. On Tuesday, West Texas Intermediate futures slid 22 cents, or 0.5% to settle at $49.17 a barrel. Following the API report, crude traded at $49.07 a barrel.