API data reportedly show a hefty decline in last week’s U.S. crude supplies – MarketWatch

U.S. oil prices extended their rally into the electronic trading session Tuesday after the American Petroleum Institute reported that U.S. crude supplies dropped by 8.6 million barrels for the week ended Sept. 7, according to sources. The API data, however, showed supplies of gasoline up 2.1 million barrels and distillate stockpiles climbed by 5.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday. Analysts polled by S&P Global Platts expect the EIA to report a fall of 2.7 million barrels in crude supplies. They also expect gasoline stocks to be unchanged for the week, while distillates, which include heating oil, were forecast to climb by 2.3 million barrels. October crude CLV8, +2.21% was at $69.97 a barrel in electronic trading, up from the $69.25 settlement on the New York Mercantile Exchange.
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