Oil prices fall as sources say API data show an unexpected weekly climb in U.S. crude stocks

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 3.7 million barrels for the week ended Aug. 9, according to sources. The API also reportedly showed a stockpile increase of 3.7 million barrels in gasoline, while distillate supplies declined by 1.3 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 2.7 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. The survey also forecast a weekly supply decline of 700,000 barrels for gasoline, but distillate stockpiles are expected to rise by 870,000 barrels. September West Texas Intermediate crude was at $56.71 a barrel in electronic trading, down from the contract's $57.10 settlement on the New York Mercantile Exchange.

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