- Last Updated on Wednesday, 30 November -0001 00:00
SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute reported late Wednesday that crude-oil supplies fell by 353,000 barrels for the week ended May 25. Distillate stocks also fell by 1.3 million barrels, but gasoline inventories climbed by 2.1 million barrels, the trade group said. The API data come ahead of the more closely-watched U.S. Energy Information Administration report due Thursday, a day late because of Monday's holiday. Analysts polled by Platts expect that supplies of crude oil climbed by 100,000 barrels last week. They also forecast unchanged inventories of gasoline and a rise of 150,000 barrels in distillate stocks. Ahead of the API data, July crude settled at $87.82 a barrel, down $2.94, or 3.2%, the lowest close since October.
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