API sees 5.8 million barrel fall in U.S. oil inventories: reports

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U.S. oil inventories fell by 5.8 million barrels last week, the American Petroleum Institute, an industry group, reported Tuesday, according to news reports. The API also reportedly saw a 1.9 million barrel rise in gasoline stocks and a 4.4 million barrel increase in distillate stocks. The Energy Information Administration’s more closely followed data is due Wednesday morning. Analysts surveyed by S&P Global Platts expect the EIA data to show crude inventories fell 3.8 million barrels, while gasoline stocks are expected to show a rise of 3.2 million barrels and distillate stocks are seen up 2.8 million barrels. Oil futures rose in electronic trading after the data. West Texas Intermediate crude for February delivery traded at $53.30 a barrel on the New York Mercantile Exchange, up from its close at $53.23 a barrel on Tuesday afternoon.
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