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Aug. 20, 2019, 4:57 p.m. EDT

API data show a weekly decline in U.S. crude stocks

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 3.5 million barrels for the week ended Aug. 16, according to sources. The API also reportedly showed a stockpile decline of 403,000 barrels in gasoline, while distillate supplies rose by 1.8 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 3.1 million barrels last week, following two consecutive weekly increases, according to a survey of analysts conducted by S&P Global Platts. The survey also forecast weekly supply declines of 1.6 million barrels for gasoline and 200,000 barrels for distillates. October West Texas Intermediate crude was at $56.18 a barrel in electronic trading, up slightly from the contract's $56.13 settlement on the New York Mercantile Exchange.

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