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June 5, 2018, 4:46 p.m. EDT

API data reportedly show a fall in U.S. crude supply, hefty rise in gasoline stockpiles

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By Myra P. Saefong

The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 2 million barrels for the week ended June 1, according to sources. The API data also showed a rise of nearly 3.8 million barrels in gasoline stockpiles, while inventories of distillates fell 871,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.3 million barrels in crude supplies. They also forecast a supply decline of 600,000 barrels for gasoline, but a climb of 700,000 barrels for distillates. July crude was at $65.27 a barrel in electronic trading, down from the contract’s $65.52 settlement on the New York Mercantile Exchange.

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