API data reportedly show a weekly decline of more than 5 million barrels in U.S. crude supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 5.4 million barrels for the week ended Sept. 10, according to sources. The API also reportedly showed inventory declines of 2.8 million barrels for gasoline and 2.9 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.3 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 3.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 2.2 million barrels for gasoline, and 2 million barrels for distillates. October West Texas Intermediate crude
was at $70.67 a barrel in electronic trading, after settling Tuesday at $70.46 on the New York Mercantile Exchange.

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