API data show a more than 6 million-barrel weekly decline in U.S. crude supplies, sources say

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.4 million barrels for the week ended Aug. 28, according to sources. The API data also reportedly showed gasoline stockpiles down 5.8 million barrels, while distillate inventories edged lower by 1.4 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 237,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories fell by 1.2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 4.7 million barrels for gasoline and 900,000 barrels in distillates. October West Texas Intermediate crude was at $43.07 a barrel in electronic trading, up from Tuesday’s settlement at $42.76 on the New York Mercantile Exchange.
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