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July 9, 2019, 4:41 p.m. EDT

Oil prices rise as sources say API data show a more than 8 million-barrel drop 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 8.1 million barrels for the week ended July 5, according to sources. The API also reportedly showed a stockpile decline of 257,000 barrels for gasoline, while distillate inventories rose by 3.7 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 2.1 million barrels last week, according to analysts at IHS Markit. They also forecast a fall of 400,000 barrels for gasoline and an increase of 1.5 million barrels for distillate supplies. August West Texas Intermediate crude was at $58.41 a barrel in electronic trading, up from the contract’s $57.83 settlement on the New York Mercantile Exchange.

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