The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.5 million barrels for the week ended May 7, according to sources. The data, however, also reportedly showed gasoline stockpiles up by 5.6 million barrels, while distillate inventories declined by 872,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.2 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 4.1 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast a supply climb 700,000 barrels for gasoline, but 2 million-barrel decline for distillates. June West Texas Intermediate crude was at $65.32 barrel in electronic trading, compared with Tuesday’s settlement at $65.28 on the New York Mercantile Exchange.
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