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July 28, 2020, 4:45 p.m. EDT

API data show a nearly 7 million-barrel weekly drop in U.S. crude supplies, sources say

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.8 million barrels for the week ended July 24, according to sources. The API data also reportedly showed gasoline stockpiles climbed by 1.1 million barrels, while distillate inventories edged up by 187,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, rose by 1.1 million 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 declined by 1.2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply decline of 2 million barrels for gasoline and for no change in distillate inventories. September West Texas Intermediate crude was at $41.02 a barrel in electronic trading, little changed from Tuesday’s settlement at $41.04 on the New York Mercantile Exchange.

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