API data reportedly show a weekly fall of more than 1 million barrels in U.S. crude supplies

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.2 million barrels for the week ended Aug. 13, according to sources. The API report also reportedly showed an inventory decline of 1.2 million barrels for gasoline, while distillate supplies edged up by 502,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by about 1.7 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 3.1 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply decline of 2.3 million barrels for gasoline, while distillate stocks are expected to rise by 700,000 barrels. September West Texas Intermediate crude
CLU21,
+0.71%
was at $66.55 barrel in electronic trading, after settling Tuesday at $66.59 on the New York Mercantile Exchange.

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